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  • Czech National Bank governor wants to invest in Bitcoin

    Czech National Bank governor wants to invest in Bitcoin

    • If the plan is approved, the CNB could hold up to five percent of its €140 billion reserves in Bitcoin
    • Michl believes the Bitcoin trend will continue even without the Trump administration
    • The governor said he’s open to Bitcoin ending up becoming worthless

    The governor of the Czech National Bank has said that he’ll present a plan to the board to invest in Bitcoin as a way for the bank to expand its reserves.

    In an interview with the Financial Times, governor Aleš Michl, who is expected to present the plan on Thursday, said: “For the diversification of our assets, Bitcoin seems good.”

    If the board approves the plan, the bank could hold up to five percent of its €140 billion ($146 billion) reserves in Bitcoin.

    Trump impact

    Michl also pointed to US President Donald Trump’s impact on the crypto market. Last week, Trump signed an executive order for a crypto working group to provide regulatory clarity on crypto. It’s also expected to look into a national Bitcoin stockpile.

    Despite believing that the Trump administration could “create some bubble for Bitcoin,” Michl added that the Bitcoin trend “would be an increase without those guys as well, because it’s an alternative [investment] for more people.”

    Since being re-elected to the White House, Trump has appointed several pro-crypto candidates to top positions. Paul Atkins is expected to become the chair of the US Securities and Exchange Commission (SEC), a position previously held by Gary Gensler.

    Wider investor interest

    Michl pointed to the increased investor interest, thanks to the introduction of US spot Bitcoin exchange-traded funds (ETFs) last January.

    Yet, while the governor is presenting a plan to the board, he said that he was open to Bitcoin becoming worthless.

    “It’s possible to have a big range of outcomes, that Bitcoin will have a value of zero or an absolutely fantastic value . . . but in our history we have also had some stocks like Enron or the payment company Wirecard, so we have some experience with bad investments, so, yes, I’m ready [for a possible Bitcoin collapse].”

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  • Bank of America CEO says banks will embrace crypto with clearer regulations

    Bank of America CEO says banks will embrace crypto with clearer regulations

    • The banking sector could embrace crypto payments if clearer rules are in place
    • Crypto would be another form of payment like Visa and Mastercard, said Brian Moynihan
    • A new crypto task force aims to provide a “clear regulatory framework for crypto assets”

    Bank of America’s CEO said the US banking industry will embrace crypto payments if clearer rules are in place from regulators.

    In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Brian Moynihan said that all banks send money digitally nowadays. He added that if rules come in and crypto payments are made “real,” then “the banking system will come in hard on the transactional side of it.”

    “If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would just be another form of payment,” the BoA CEO said.

    To date, US banks have been cautious about offering retail crypto services, instead focusing on providing institutional products such as spot Bitcoin exchange-traded funds (ETFs).

    Changes under a Trump administration?

    Moynihan’s comments come as President Donald Trump started another term in the White House earlier this week.

    During his election campaign, Trump indicated a pro-crypto stance and has since appointed several pro-crypto candidates to various government positions.

    Introducing a new crypto task force “dedicated to developing a comprehensive and clear regulatory framework for crypto assets” could give banks the push they need to enter the space.

    Speaking to CoinJournal, Tom Kiddle, co-founder of Palisade, a French-regulated digital asset custodian backed by Ripple, said: “So far, the country has done little to advance a clear crypto regulatory framework. However, Trump’s nomination of pro-crypto Paul Atkins could mark the dawn of a new era for the sector.”

    When asked about crypto such as Bitcoin as an investment option during the interview, Moynihan refrained from answering, stating that topic was “really a separate question.”

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  • Italy’s largest bank, Intesa Sanpaolo, buys $1M Bitcoin

    Italy’s largest bank, Intesa Sanpaolo, buys $1M Bitcoin

    Italy's largest bank, Intesa Sanpaolo, buys $1M Bitcoin
    • Intesa Sanpaolo Bank buys $1 million in Bitcoin
    • The bank is the first Italian bank to invest in crypto
    • The move is a low-risk experiment with digital assets in preparation for potential client demand

    In a pioneering move for Italy’s financial sector, Intesa Sanpaolo, the country’s largest bank, has ventured into the cryptocurrency market by purchasing $1 million worth of Bitcoin (BTC).

    This acquisition marks a significant milestone as the first direct cryptocurrency purchase by a major Italian bank, reflecting the growing acceptance of digital assets in traditional finance.

    A test in preparation for potential client demands

    The transaction, which netted Intesa Sanpaolo 11 Bitcoin, underscores a cautious yet optimistic approach towards cryptocurrencies.

    According to an internal memo and subsequent reports by Reuters, this investment is seen as an experiment within the bank’s vast portfolio, which includes over $100 billion in securities.

    The bank’s CEO Carlo Messina described the purchase as a test, emphasizing the minimal risk involved due to the relatively small amount compared to the bank’s total assets.

    Messina further elaborated that this move is not just about dipping toes into the digital asset pool, but also about preparing for potential client demands. “This shows there can be some attention to digital channels, but with very limited investment amounts,” he commented.

    Such a strategy could signal to other financial institutions that there’s room for cryptocurrencies in traditional banking, especially if sophisticated clients show interest in these novel investment options.

    Intesa betting on a favorable crypto environment in 2025

    The timing of this investment is noteworthy. Following the US approval of its first crypto-based ETF at the start of 2024 and the election of a pro-crypto US government-in-waiting at the end of the year, Bitcoin’s price soared to unprecedented heights, reaching six figures by late 2024.

    With expectations of favorable regulatory changes under the new US administration led by President-elect Donald Trump, the market anticipates further growth in 2025. Intesa Sanpaolo’s move could be seen as strategic, capitalizing on what many consider an opportune entry point into the cryptocurrency market.

    This groundbreaking step by Italy’s leading bank not only highlights a shift towards embracing digital assets, but also sets a precedent for other banks in Italy and potentially across Europe to consider cryptocurrencies as part of their investment strategies.

    As the financial world watches, this could lead to more integrated and innovative services blending traditional banking with the burgeoning world of digital currencies.

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  • MicroStrategy’s endgame is to be the leading Bitcoin bank: Michael Saylor

    MicroStrategy’s endgame is to be the leading Bitcoin bank: Michael Saylor

    MicroStrategy’s endgame is to be the leading Bitcoin bank Michael Saylor
    • MicroStrategy aims to become the world’s leading Bitcoin bank, holding 252,220 BTC.
    • The company invests borrowed funds in Bitcoin, expecting 29% annual returns.
    • Saylor’s goal is to grow MicroStrategy into a trillion-dollar bitcoin-driven entity.

    Michael Saylor, founder and executive chairman of MicroStrategy, in an interview with analysts at research and brokerage firm Bernstein outlined a clear vision for the future of his company. According to Saylor, MicroStrategy aims to become the world’s leading Bitcoin bank.

    Saylor believes that Bitcoin (BTC) is not only the top-performing asset of the 21st century but also the cornerstone of a revolutionary financial system and his ultimate goal is for MicroStrategy to transform into a trillion-dollar company by leveraging the potential of Bitcoin (BTC).

    MicroStrategy’s Bitcoin accumulation strategy

    MicroStrategy’s recent acquisition of 7,420 BTC demonstrates its aggressive approach toward bitcoin accumulation, using both debt and equity to maximize returns. The company’s total investment in BTC is estimated to have cost around $9.9 billion, alongside a debt burden of $4 billion.

    As a result, MicroStrategy now controls about 1.2% of the total Bitcoin supply, reinforcing its prominent position in the market.

    Currently, with over 252,220 BTC in its reserves, currently valued at more than $15 billion, MicroStrategy holds the title of the largest corporate Bitcoin holder globally.

    Saylor’s long-term thesis is that Bitcoin’s scarcity and volatility make it a superior asset for hedging against inflation and storing value. He foresees Bitcoin eventually reaching millions of dollars per coin, and with continued investment, MicroStrategy could grow into a trillion-dollar entity.

    Saylor envisions the firm issuing various financial instruments such as equity, convertible debt, and preferred stock tied to Bitcoin, which would further cement its role in the emerging Bitcoin economy.

    Saylor also emphasizes the attractiveness of Bitcoin over traditional lending models. He argues that lending to Bitcoin, by investing in it directly, offers better returns with less risk compared to lending to individuals or corporations. He plans for MicroStrategy to continue borrowing funds to invest in Bitcoin without lending out the Bitcoin itself, minimizing counterparty risk.

    In the broader context of corporate bitcoin adoption, MicroStrategy’s model stands out. While other companies in the crypto space, like Marathon and Block, have adopted Bitcoin as part of their treasury strategy, MicroStrategy’s focus and scale make it unique.

    Saylor remains confident that MicroStrategy’s business model, which bridges traditional USD capital markets with Bitcoin, will be difficult for others to replicate, positioning the firm as a pioneer in the Bitcoin-driven financial landscape.

    A Bitcoin bank that doesn’t lend out funds

    Unlike traditional banks that lend out funds, MicroStrategy’s business model revolves around borrowing money at low interest rates and investing those funds in Bitcoin.

    By offering slightly higher rates to lenders and expecting Bitcoin’s annual growth to average around 29%, the company is positioned to outperform many conventional investments.

    Saylor’s strategy hinges on capital markets arbitrage, where MicroStrategy capitalizes on the difference between USD capital and Bitcoin’s appreciation, allowing them to generate significant returns.

    MicroStrategy’s bold ambition to become a trillion-dollar Bitcoin bank reflects Saylor’s unwavering belief in Bitcoin’s potential as the world’s most valuable asset.

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  • National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund
    • The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund.
    • The fund offers accredited investors exposure to Bitcoin as a capital-protecting option.
    • Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance.

    The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin.

    This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

    National Bank of Bahrain collaborating with APR Digital

    In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin.

    Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.”

    This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities.

    Boost for Bitcoin adoption in Bahrain

    As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain.

    The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million.

    Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space.

    Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies.

    Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to Bahraini users, further solidifying Bahrain’s status as a crypto-friendly nation.

    With the introduction of this Bitcoin investment fund, the National Bank of Bahrain aims to capitalize on the growing potential of cryptocurrencies, offering clients a unique avenue for portfolio diversification in an evolving investment landscape.

    As interest in digital assets continues to rise, Bahrain’s proactive approach is likely to encourage further investment and innovation in the region.

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  • Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024

    Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024

    Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024
    • DBS Bank to launch OTC crypto options trading linked to BTC and ETH in Q4 2024.
    • Clients can hedge against volatility through options and structured notes.
    • DBS continues integrating blockchain and Web3 for institutional-grade access.

    Singapore’s DBS Bank is set to launch over-the-counter (OTC) crypto options trading and structured notes in the fourth quarter of 2024.

    This initiative aims to cater to the needs of institutional clients looking for ways to manage the volatility associated with major digital assets like Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.

    DBS’s crypto options and structured notes

    According to DBS, clients who wish to gain exposure to cryptocurrencies can now do so through options trading and structured notes.

    A crypto options contract derives its value from the price of underlying digital currencies. It enables traders to lock in the right, but not the obligation, to buy or sell an asset at a predetermined price at a future date.

    By purchasing put options, for example, clients can secure the ability to sell Bitcoin at a fixed price, regardless of market conditions at the time of execution, thus providing a layer of protection against price drops. This flexibility is particularly useful for investors seeking to manage the volatility of their crypto portfolios.

    In addition to options, DBS will offer structured notes, which are debt securities whose returns are tied to the performance of underlying assets.

    Structured notes provide investors with more customized opportunities, allowing them to capitalize on market movements while potentially reducing risk through tailored financial products.

    DBS expanding its digital asset services

    Announced on September 17, 2024, DBS’s new offerings will give institutional investors access to advanced financial products linked to BTC and ETH.

    These products, which include crypto options contracts and structured notes, are designed to allow investors to hedge against the market fluctuations that have historically characterized the cryptocurrency space.

    With this move, DBS is expanding its digital asset services to include more sophisticated strategies, aligning itself with the growing demand for institutional-grade access to digital assets.

    According to Jacky Tai, DBS’s group head of trading and structuring, institutional clients are increasingly allocating funds to digital assets, and this expansion provides them with a new channel for incorporating advanced strategies into their portfolios.

    DBS’s commitment to offering “trusted institutional-grade access” to digital assets is in line with its broader mission of integrating blockchain technology and Web3 infrastructure into its financial services.

    As Singapore continues to lead in the global adoption of digital assets, DBS Bank remains at the forefront, leveraging regulatory support and technological innovation to provide cutting-edge solutions for its clients.

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  • Switzerland’s 4th largest bank ZKB launches Bitcoin and Ethereum trading

    Switzerland’s 4th largest bank ZKB launches Bitcoin and Ethereum trading

    Switzerland's 4th largest bank ZKB launches Bitcoin and Ethereum trading
    • Zürcher Kantonalbank (ZKB) now offers Bitcoin and Ethereum trading via ZKB eBanking and Mobile Banking.
    • The bank has partnered with Crypto Finance AG and will use Fireblocks for secure custody.
    • The services are available only to Swiss residents with the necessary agreements signed.

    Zurich Cantonal Bank, Switzerland’s fourth-largest bank locally known as Zürcher Kantonalbank (ZKB), has taken a major step into the cryptocurrency realm with the launch of Bitcoin (BTC) and Ethereum (ETH) trading services.

    Announced on September 4, this development marks a significant milestone in the mainstream adoption of digital currencies by traditional financial institutions.

    ZKB has partnered with Crypto Finance AG and Fireblocks

    ZKB’s new offering allows retail clients to trade and store Bitcoin (BTC) and Ether (ETH) directly through its digital platforms: ZKB eBanking and ZKB Mobile Banking. This integration provides a seamless experience for customers, who can now manage their cryptocurrency holdings alongside their traditional investments without needing separate wallets.

    To ensure a secure and regulated environment for these transactions, ZKB has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse Group.

    Crypto Finance AG’s technology, licensed by both FINMA and BaFin, will support the ZKB’s trading operations, ensuring compliance and security.

    ZKB has also developed its own crypto custody solution, with Fireblocks playing a key role in safeguarding digital assets.

    This strategic moves positions ZKB at the forefront of the cryptocurrency revolution, providing a centralized platform for trading and storage that eliminates the need for clients to manage their own private keys.

    According to Alexandra Scriba, ZKB’s head of institutional clients, the bank’s approach offers high levels of security and the potential for integrating other digital currencies and applications in the future.

    Currently, the crypto trading services are only available to clients residing in Switzerland and to activate an account, clients must sign agreements for trading, securities, and a “Consent Declaration Disclosure.”

    This cautious approach reflects ZKB’s commitment to maintaining robust security standards while expanding access to digital currencies.

    ZKB’s entry into the cryptocurrency market underscores a broader trend within the banking sector, where institutions are increasingly embracing digital assets. Competitors like PostFinance are also exploring crypto services, highlighting a growing acceptance of digital currencies in traditional finance, paving the way for more integrated and accessible cryptocurrency solutions.

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  • Xapo Bank partners with Hilbert Group to launch $200m Bitcoin hedge fund

    Xapo Bank partners with Hilbert Group to launch $200m Bitcoin hedge fund

    • Xapo Bank and Hilbert Group will launch a Bitcoin-denominated hedge fund.
    • The BTC fund will receive an initial investment of $200 million from Xapo and other investors.

    Xapo Bank is teaming up with Hilbert Group to launch a Bitcoin (BTC)-denominated hedge fund, according to a press release on Aug. 27.

    In the announcement, Hilbert Group said the strategic partnership will involve its asset management arm Hilbert Capital and see an initial investment of over $200 million from Xapo as well as other investors.

    “Over the last 12 months, we have developed a close and strategic partnership with Xapo Bank, a veteran in the Bitcoin space and a tier-one financial institution in the digital asset space,” Niclas Sandström, CEO of Hilbert Group, said.

    He added, “Given the investment opportunity and the quality and experience of the team, we anticipate that the Fund will grow meaningfully over the next year.

    Fund to offer exposure to Bitcoin

    The newly-established BTC-denominated hedge fund will launch in September, Hilbert Group revealed in the press release. Corporates, businesses and professional investors will leverage the new fund to generate returns in bitcoin. The fund will offer institutional-grade credit arrangements that investors don’t get through direct market participation.

    Notably, the BTC-denominated fund will have fees lower than the 2% and 20% Hilbert’s other hedge funds charge.

    “We believe that offering the right products for participants in the space who are aiming not only for exposure to the Bitcoin price, but also structured ways to grow the Bitcoin value of those investments is a natural evolution of the asset class,” Joey Garcia, director of Xapo Bank commented.

    Hilbert, founded in 2018, primarily focuses on asset management of algorithmic trading strategies.

    The company also invests in blockchain and crypto related projects. Investments in the space include crypto data platform Coin360, blockchain-based self-service SaaS tool CapChap and HAYVN, a digital assets trading and custody platform.

    Meanwhile, Xapo is the first Bitcoin-enabled bank that integrates fiat with crypto. It recently announced its entry into the UK.

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  • M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

    M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

    M2 crypto exchange to allow UAE residents to trade crypto using bank accounts
    • M2 enables UAE residents to trade BTC and ETH directly with bank accounts.
    • Integration supports dirham deposits, withdrawals, and market-responsive trading.
    • UAE has strict regulations to ensure consumer protection and market transparency.

    In a significant development for the digital asset market in the United Arab Emirates (UAE), M2, a prominent crypto exchange, has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.

    This new integration facilitates the direct conversion of UAE dirhams into BTC and ETH through M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.

    M2 users can seamlessly convert dirhams into BTC and ETH and vice versa

    In an announcement shared with Cointelegraph, the M2 exchange highlighted that the new feature will enable users to convert dirhams into Bitcoin and Ether seamlessly through the trading pairs listed on M2’s spot markets.

    Additionally, the platform supports the deposit and withdrawal of dirhams, offering users greater flexibility in managing their assets.

    The M2 team emphasized that this integration would enable users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

    This is particularly beneficial for everyday investors who may not be fully immersed in the complexities of the trading environment.

    According to M2, the higher levels of familiarity and significant trading volumes of BTC and ETH make these cryptocurrencies ideal entry points for new investors looking to enter the digital asset space.

    UAE has the strictest regulatory framework globally

    Regulated by the UAE government, which is known for its stringent consumer protection measures, this move reflects the country’s commitment to safeguarding its residents in the evolving crypto landscape.

    The UAE has established a reputation for having one of the strictest regulatory frameworks globally, prioritizing consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency in crypto advertisements to better protect consumers.

    Moreover, in 2023, the UAE introduced a federal law aimed at preventing fraud in the crypto market, imposing fines of up to 10 million AED ($2.7 million) for violations.

    Commenting on the integration, Kimmel, an executive at M2, noted that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits. However, he affirmed that this rigorous due diligence ensures that licensed platforms meet the country’s security and transparency standards, thereby fostering trust among UAE users.

    Despite the challenges associated with the licensing process, the UAE continues to be a strategic region for the crypto industry.

    Favourable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for crypto businesses.

    This new development by M2 is set to further enhance the accessibility and appeal of virtual assets in the UAE, making it easier for residents to participate in the burgeoning crypto market.

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  • Ex-Deutsche Bank investment banker faces up to 30 years behind bars

    Ex-Deutsche Bank investment banker faces up to 30 years behind bars

    • The former Deutsche Bank employee, Rashawn Russell, was arrested in April 2023.
    • Russell is accused of causing at least 29 investors to lose not less than $1.5 million.
    • Russell fabricated multiple documents and misled investors regarding the status of their investments to orchestrate his scheme.

    Rashawn Russell, formerly employed as an investment banker at Deutsche Bank, has admitted his guilt in connection with allegations of embezzling funds from investors enticed by promises of substantial returns from cryptocurrency trading, as confirmed by the US Justice Department. The news comes right on the heels of Deutsche Bank tapping Swiss crypto firm Taurus for crypto custody services.

    This plea comes on the heels of Russell’s arrest in April, which implicated him in an intricate fraudulent operation. He now confronts the possibility of a prison sentence of up to 30 years, in addition to the obligation to reimburse investors with a sum exceeding $1.5 million.

    Why was Rashawn Russell arrested?

    US Attorney Breon Peace issued a statement in which he remarked:

    “Russell exploited the fascination of investors in cryptocurrency markets to orchestrate a deception against trusting clients.” He further emphasized, “The expeditious conviction in this instance underscores our commitment to holding those engaging in deceitful practices within the digital asset sector accountable.”

    Details unveiled during the plea hearing, in conjunction with court records, reveal that between November 2020 and August 2022, Russell, who formerly worked as an investment banker and was registered as a broker with the Financial Industry Regulatory Authority, played a pivotal role in an intricate fraudulent endeavour. He duped investors into investing their capital into his R3 Crypto Fund by offering false assurances of substantial, at times guaranteed, profits stemming from cryptocurrency ventures.

    In reality, a significant portion of the investors’ finances was diverted by Russell for personal enrichment, gambling, and repaying previous investors. As a result of this deceitful operation, at least 29 investors suffered losses that amounted to no less than $1.5 million.

    Fabrication of documents and misleading investors

    As part of the fraudulent scheme, the Justice Department revealed back in April that “Russell fabricated multiple documents and misled investors regarding the status of their investments.” At one juncture, Russell purportedly sent an investor a doctored image of a bank statement supposedly sourced from a bank’s website, falsely indicating the availability of substantial liquidity. In another instance, when an investor sought to retrieve their investment, Russell neglected to transfer the funds and instead dispatched a counterfeit bank wire transfer confirmation to the investor, falsely suggesting the return of their capital.

    According to the April indictment, Russell’s duplicitous ploy targeted “numerous individuals, including his friends, former college classmates, and former colleagues at a financial institution,” the specific identity of which has been made known to the Grand Jury.

    Russell’s LinkedIn profile, which has since been deleted, disclosed his employment history at JP Morgan, Moody’s, and Deutsche Bank, where he commenced his career as a banking analyst in July 2018, ultimately advancing to the position of associate in July 2020.

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