Business

National Australia Bank made first-ever cross-border stablecoin transaction

[ad_1] National Australia Bank (NAB) announced March 14 that it had executed the first-ever cross-border stablecoin transfer on a layer 1 public blockchain. The intrabank transfer used the bank’s fully backed AUDN stablecoin tied to the Australian dollar (AUD). The transaction was conducted on the Ethereum blockchain and used smart contracts for seven currencies, according to a statement released by the bank. Those currencies were Australian, New Zealand, Singapore and United
BLOCKCHAIN

US banking system outlook downgraded to ‘negative’ following recent bank failures

[ad_1] Credit rating agency Moody's, has recently downgraded its outlook on the entire US banking system from "stable" to "negative." The move comes in light of recent bank failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which has prompted regulators to intervene with a rescue plan for impacted depositors and institutions. Despite the downgrade, bank stocks rallied strongly, with the SPDR Bank exchange-traded fund rising nearly 6.5% in morning
BLOCKCHAIN

Metamask addresses privacy concerns with new features for enhanced control

[ad_1] Web3 wallet app Metamask has introduced a number of new features aimed at enhancing privacy and giving users more control, according to a March 14 blog post by the developer. The new features come after Metamask had previously been criticized for allegedly intruding on users’ privacy.MetaMask Mobile v6 is now available to everyone! Our biggest release yet fixes issues around slow load times and provides a new and improved
Business

Signature Bank regulator says it was closed for not providing data: Report

[ad_1] The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. Signature Bank Board Member Barney Frank had previously accused the regulatory agency of shutting it down merely to “send a very strong anti-crypto message.”According to the report, an NYDFS spokesperson
Business

Europarliament approves Data Act that requires kill switches on smart contracts

[ad_1] The European Parliament passed the Data Act on March 14. The comprehensive bill was intended to “boost innovation by removing barriers obstructing access to industrial data.” Among its provisions is an article that would require smart contracts to be alterable. The legislation established rules for fairly sharing data generated by “connected products or related services,” such as the Internet of Things and “industrial machines.” Eighty percent of industrial data generated
BLOCKCHAIN

Signature Bank and former executives sued by shareholders for alleged fraud

[ad_1] On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported. Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator. The lawsuit seeks unspecified
Business

Signature Bank and former executives sued by shareholders for alleged fraud

[ad_1] On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported. Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator. The lawsuit seeks unspecified
Business

Coinbase files brief in SEC Wahi case, says it doesn’t sell securities, but would like to

[ad_1] Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission (SEC) against former Coinbase product manager Ishan Wahi and other for insider trading. Coinbase condemns the defendants conduct, it said in the brief, but supports the defendants’ motion because of the SEC’s assumption that the exchange listed securities on its platform.Coinbase stated in its
Business

NatWest bank puts $6K monthly limit to crypto exchange payments

[ad_1] NatWest, a retail and commercial bank in the United Kingdom, is taking measures to protect customers from potential crypto losses amid Bitcoin (BTC) hitting multi-month highs.On March 14, NatWest introduced major restrictions on payments to cryptocurrency exchanges, imposing daily and monthly caps for such transactions.According to an announcement shared with Cointelegraph, NatWest has set a 1,000 British pounds ($1,216) limit for daily transactions involving crypto exchanges. The bank has