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FinanceThis 7 days the ‘bitcoin-friendly’ financial institution Silvergate Bank sold 9.5 million shares which raised a sum of $114Mn USD during the popular stock sale.
Some of the capital injection was provided with the venture capital company Digital Currency Group who welcomed Silvergate Bank into the company’s growing list of partners and subsidiaries.
Moreover, back in 2014 the president and CEO of Silvergate Bank, Alan Lane discussed bitcoin at California Bankers Association meetings.
A Few Hours Later Digital Currency Group Welcomes Silvergate Bank Into the DCG FamilyThen a few hours later the venture capital company Digital Currency Group (DCG) uncovered it had invested in Silvergate’s private placement.
“We are thrilled to welcome Silvergate Bank to the DCG family of companies,” explains DCG to its Twitter followers.
Bitcoin can Get firm in Digital Currency Futures Markets
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Multiple US Banks Call Digital Currency a Threat to Financial Services
referring to ByThe digital currency society is showing excitement towards a “competitor” which JPMorgan Chase identified in their newly published annual report.
Submitted to the unite states Securities and Exchange Commission on February 27th, 2018, the report indicates which the bank views digital currencies as a possibility competitor to their financial services.
Digital currencies went from being previously dismissed, to being named as a threat to the usual business of financial institutions.
The bank stated which the “widespread adoption of new technologies, including net services, cryptocurrencies, and payment systems,” can require spending to overcome.
Further, in Louisiana-based IberiaBank’s annual report, filed final week, it mentioned which “Fintech developments, such as bitcoin, have the possibility to disrupt the financial industry and change how banks do business.”Multiple US Banks Call Digital Currency a Competitive Threat to Financial Services
The Supreme Court: Digital Currency Companies could still Operating out of Bank Accounts
The District Court rejected the company’s motion, thereby allowing Bank Leumi to exercise discretion and deny service to the firm (and to other digital currency companies), despite its noting which the firm had not broken any provision of law .
To view our client upgrade about the District Court ruling, click here.
As a result of the District Court ruling, Bits of Gold filed a motion with the Supreme Court for a preliminary injunction against the bank, prohibiting it from blocking activity in the account and, concurrently, filed an claim of the District Court ruling with the Supreme Court.
The Supreme Court more noted that, since the bank possesses tools to protect specific transactions which it suspects are illegal, there doesn’t appear to be any substantive danger of the bank being caused damage at this time.
Although this Supreme Court ruling did not deliberate the material question about digital currency transactions in bank accounts, at issue is a precedent for other cryptocurrency companies which are struggling to obtain banking services, and ought spur the judicial discussion of trading and transactions with digital currencies.