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A sure sign of growing adoption and institutional interest in cryptocurrencies is when major banks start to look at them more closely. The second largest bank in the US, Bank of America, was recently awarded a patent for secure crypto key storage indicating that its interests in the...
Since 2017, so-called “experts” in the finance sector have criticized Bitcoin for being too expensive. Yet, banks are pocketing 83 percent profit on every wire transfer. According to Bank of America’s official data, the $302 billion bank charges $30 for outbound domestic wire transfer and $35 for outbound...
A blockchain advert has been capitalising on the huge attention on the 2018 FIFA World Cup. At half-time during the England 2-0 win over Sweden, the advert by a Hyundai subsidiary proclaimed the benefits of blockchain technology to almost 20 million viewers. Hyundai Ad Showcases Blockchain A blockchain...
Wells Fargo has announced that it will begin to block all cryptocurrency purchases on credit cards under the Wells Fargo name. Wells Fargo Imposes Credit Card Restrictions Despite the ban, Wells Fargo has implied that the ban may only be temporary. To clear up the waters regarding this issue,...
Financial institutions are paying close attention to the blockchain. Various patent filings have been made public over the past few weeks and months. Bank of America was recently awarded a patent related to letting users access a certain blockchain network. A remarkable development which brings the financial sector...
Steve Chiavarone, VP at financial services firm Federated Investors, talked-up blockchain in an interview with CNBC May 11, calling the technology an “economic growth driver” and listing it among five “key technologies” that he believes will “drive this next industrial revolution.” Blockchain: Economic Growth Driver When asked whether blockchain...
An official at the Bank of America (BoA) believes that cryptocurrencies impede the efforts of law enforcement to catch criminals. Cathy Bessant, the chief technical officer (CTO) at the multinational financial institution, believes current transparency in banking allows authorities to police transactions in a way not possible with...
The CEOs of Nasdaq Inc. and Bank of America Corp. have said that cryptocurrencies pose a threat and that they should be regulated. Adena Friedman, CEO of Nasdaq, and Brian Moynihan, CEO of Bank of America, were both speaking at a conference in New York hosted by the MIT Sloan...
A patent grants its holder exclusive rights to an invention, such as a piece of technology, for a certain period of time. While designed as a means of protecting the intellectual property of inventors, the system is not without its critics who believe that patenting deters innovation and...
As crypto becomes more popular the number of cyber criminals looking for some easy pickings will increase. Online scams are nothing new but the nature of cryptocurrencies means that those without the technical expertise will be additionally vulnerable. Banks and credit card issuers have acknowledged this which may...
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