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Digital Currency Group Invests In Bitcoin-friendly Silvergate Bank

Digital Currency Group Invests In Bitcoin-friendly Silvergate Bank

Digital Currency Group Invests in Bitcoin-Friendly Silvergate Bank Feb 27, 2018 at 10:00 UTC|UpdatedFeb 27, 2018 at 10:04 UTC Cryptocurrency venture capital firm Digital Currency Group (DCG) has confirmed an investment in Silvergate Capital Corporation, the holding company of the bitcoin startup-friendly Silvergate Bank. According to an announcement from Silvergate, the firm said Monday that it sold 9.5 million shares through a private placement generating $114 million in total - funds that will be used to further support the bank's fintech deposit initiatives. Although the announcement did not disclosed any investors, Barry Silbert, founder of DCG, confirmed the firm's participation in the sale via an email to CoinDesk, following an official tweet. We are thrilled to welcome Silvergate Bank to the DCG family of companies DigitalCurrencyGroup (@DCGco) February 26, 2018 While the amount of investment remains unknown, the move by DCG is notable given Silvergate's known stance in supporting cryptocurrency startups. As early as in 2014, the cryptocurrency industry has encountered challenges in receiving banking services from traditional financial institutions, with many banks refusing to open accounts for crypto firms, or abruptly closing accounts without explanation. Silvergate Bank, however, offered bank accounts to bitcoin startups, even while others shied away from bitcoin-related clients due to risk concerns. According to a previous CoinDesk article , Silvergate Bank was supporting 15 cryptocurrency startups as of May 2016. Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Silvergate Bank. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set Continue reading >>

Why Cryptocurrency-friendly Banks Arelimited?

Why Cryptocurrency-friendly Banks Arelimited?

CRYPTOCURRENCY CAPITAL LLC (CCC) is a US-based holding and research company focused on the crypto-currency and blockchain space. t.me/cryptocurrency_capital WHY CRYPTOCURRENCY-FRIENDLY BANKS ARELIMITED? Despite growing legislation base and overall knowledge about blockchain technologies, there are not so many banks that want to work with cryptocurrency-related businesses. Therefore, there are almost no options when a cryptocurrency hedge fund or an investment company would like to start the operation. At the same time, banks are interested in blockchain technology, and some of them have even implemented it to optimize internal processes. For example, in the USA, we know only three banks working with crypto businesses: Silvergate Bank, Signature Bank, and M. Y. Safras MD. All these banks are comparably have market cap and tend to serve only their local clients, both private individuals, and small businesses. One may think that supporting cryptocurrency businesses is one of the attempts to survive among monstrous big banks, but things seem to be the other way. Although these banks are small indeed, they are led by people with huge financial and banking experience. Chairmans of these banks have more than a 30-year banking career and a great amount of extremely risky projects behind their shoulders, and working with crypto seems to be a new success. At the same time, a few banks that kind of open the doors for crypto businesses, are trying to investigate all sorts of potential risks. In the end, they can refuse to open an account for you even after all microscopic checks, because blockchain and cryptocurrencies are a black box for them. Over the past few years, American legislative base on cryptocurrencies has become clearer and this untied the banks hands. Now, in some st Continue reading >>

Secure A Crypto Bank | Bankline

Secure A Crypto Bank | Bankline

Securing a crypto bank is a difficult task for bitcoin-related businesses. On one hand, blockchain technology is disrupting the financial sector with newer, more secure banking solutions. On the other hand, lawmakers dont know how to regulate crypto banks and their customers. This is creating an atmosphere of confusion and distrust. If you are a bitcoin business, you can still secure a crypto bank, its just not going to be as easy as walking into your local branch. Read through to the end for a robust crypto banking solution that will keep your business up and running. Banks are beginning to embrace blockchain technology for its security. In the simplest terms, blockchain is a decentralized digital ledger that records transactions. Since each transaction builds on the previous transaction with a new interlinked block, it is nearly impossible to fake or tamper with a transaction. As cyber crime continues to increase in frequency and scope, many are hailing blockchain as the secure future of banking technology. On the other hand, the very attributes that make blockchain secure also make it difficult to regulate. Since transactions are anonymous, outside of your personal key (or code), it is impossible to identify the parties involved. The security provided by blockchain technology and the way it builds on itself make it impossible for regulators to analyze individual transactions or identify users. When it comes to banking regulation, identifying the users, or knowing your customer (KYC), is essential. While banks are still wary of blockchain as it relates cryptocurrencies, they are seeing the value in the technology as it applies to other areas of finance. Blockchain is now being used to help financial companies clear payments and engage in trade. While blockchain is st Continue reading >>

Us Bank Regulator Opens Door To National License For Bitcoin Firms

Us Bank Regulator Opens Door To National License For Bitcoin Firms

US Bank Regulator Opens Door to National License for Bitcoin Firms Sep 29, 2017 at 11:00 UTC|UpdatedSep 29, 2017 at 22:36 UTC The acting comptroller of the currency for the U.S. Treasury Department has said he is open to the idea that a new breed of banks might one day conduct business in bitcoin and other cryptocurrencies. Speaking at an event hosted by the Federal Reserve Bank of Philadelphia Thursday, Keith Noreika, the newly named director of the agency tasked withsupervising all national banks, went so far as to state publicly that he foresees a future in which bitcoin companies might be granted " fintech charters " - proposed licenses designed to simplify the way startups do businesses across state borders. Currently, bitcoin companies and traditional money transmitters need to comply with a complicated network of regulatory regimes in all 50 U.S. states, a pain point that industry advocates have argued severely limits startup growth by increasing the cost of market entrance. But despite being open to crypto businesses applying for charters, Noreika went on to strike a cautious note on their chances of being approved. "I wouldn't be adverse to those people coming in and talking to the [Office of the Comptroller of the Currency] about how a charter could make sense for them. But that is a long process they'd have to go through, and just because you get in the door doesn't mean you're going to get out the door on the other side." A long-time lawyer with a history of working in banking, Noreika was appointed acting comptroller by President Donald Trump in May of this year. In the transition, he inherited the fintech charter proposal from his predecessor, Thomas J. Curry, who last year revealed plans to create a single federal option to act as a kind of substitute fo Continue reading >>

What Banks Do Accept Bitcoin? - Updated 2017

What Banks Do Accept Bitcoin? - Updated 2017

Get a free valuation to better understand your business's value & position yourself for acquisition. Wow! I can see why there are so many answers that are probably not answering the question in the way in which you asked. I can see how there can many interpretations as to the way that you worded it. Are you really trying to find out which banks are Bitcoin friendly? First of all, you all that have answered so far gave some really good insight on Bitcoin, but that does not answer the authors question (If I am understanding the question correctly). I know that this is an old post, but I am sure that someone else will still have this same question. In that case, I will give my best attempt to answer the question that was asked. I think that the people that have so far answered your question didnt realize at the time of posting their answers didnt realize that banks are actually allergic to Bitcoin. What do I mean by that? Well Before you do any kind of serious trading or transactions with Bitcoin, you must first have some things in place. For instance, you must have an anti money laundering agreement in place. People think that profits from Bitcoin is tax free. The IRS doesnt see it that way. Bitcoin profits are taxed as capital gains. So if youre going to do any kind of significant volume using a bank as a middle man, you have to have things in order, or else, they will shut your account down and you may even see a negative balance. Bank of America is notorious for shutting down accounts! To get a good idea about which banks are most Bitcoin friendly, I suggest that you visit Bitcoin News, Blockchain News, Prices, Charts & Analysis - CoinDesk and inquire within the community. I also recommend Paxful and their website is: Buy bitcoin instantly where there are over 300 way Continue reading >>

International Corporate Accounts For Bitcoin Business

International Corporate Accounts For Bitcoin Business

Healy Consultants did an excellent job helping me navigate the legal and accounting rules and regulations to set up a company in Taiwan. Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised. Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner. Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team. Pramod Dubey, Chief Financial Officer & Company Secretary Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations. Natural Resource Professionals Pte Limited. The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, its a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions. Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain. When it was time to establish a Space Academy in Singapore, TriVector neede Continue reading >>

Bank Of America, Citigroup Reviewing The Use Of Credit Cards To Buy Bitcoin

Bank Of America, Citigroup Reviewing The Use Of Credit Cards To Buy Bitcoin

Bank of America, Citigroup reviewing the use of credit cards to buy bitcoin Bank of America is reviewing policies that allow customers to buy bitcoin with credit cards. Citigroup is also reviewing its policy, just as Capital One Financial earlier this month decided to prohibit cryptocurrency purchases. J.P. Morgan Chase is still allowing customers to buy cryptocurrencies with their Chase credit cards, the bank told CNBC. The bank did not respond to a question about potential changes to that policy. A woman touches an ATM machine for digital currency Bitcoin in Hong Kong on December 18, 2017. Friction is increasing between some credit card companies and customers who want to use the cards to buy cryptocurrencies. Bank of America and Citigroup are reviewing policies that allow customers to buy bitcoin with credit cards. The reviews follow news about two weeks ago that Capital One Financial has decided to prohibit cryptocurrency purchases. Toronto-Dominion Bank subsidiary TD Bank also confirmed to CNBC that some bitcoin transactions aren't being processed, as a result of security measures. Discover Financial Services has effectively prohibited cryptocurrency purchases with its credit cards since 2015. The Wall Street Journal first reported news of Bank of America's cryptocurrency review Thursday. Money laundering appears to be a factor in the financial firms' concerns about dealing with cryptocurrencies. Discover CEO David Nelms said in a Bloomberg report Wednesday that financing purchases of cryptocurrencies creates headaches for banks that are required to monitor transactions for money laundering. J.P. Morgan Chase is still allowing customers to buy cryptocurrencies with their Chase credit cards, the bank told CNBC. Chase did not respond to a question about potential ch Continue reading >>

Bitcoin And Banks 2018 I Threatened Or Interested - Updated Analysis

Bitcoin And Banks 2018 I Threatened Or Interested - Updated Analysis

Banking systems, all over the world, have controlled the loanable funds market, volatility of a currency, the money supply, inflation and the list can go on and on. These usually result in a number of regulations and expenses on society, because of which people have always wanted to be somehow independent of these frames set by certain systems. In 2009, the founder(s) of Bitcoin managed to come up with an idea that could give people the freedom they wanted, drastic reduction of fees that people have paid to banks for ages, as well as by making transactions as fast as a few seconds. Bitcoin was created as a cryptocurrency by an entity, which is recognized as Satoshi Nakamoto . In contrast to the centralized traditional systems, such as banking, which is in charge of issuing a certain currency, Bitcoin has a decentralized, peer-to-peer system and anyone including you can be involved in the process of issuing Bitcoins. Bitcoin allows two parties to exchange value virtually without any loss of value or having to pay a third party. There is no need for centralized control for transactions with Bitcoins and people can exchange goods and services within milliseconds. What is the difference between Bitcoin and banks? Bitcoins and banks are fundamentally different from one another. Bitcoins, just like commodity money, have a finite supply. The supply of the Bitcoins are blocks with complex algorithms, which have to be solved, and when they are the reward is a certain amount of Bitcoins. The process is known as mining and the people who do it are the miners. The price of the Bitcoins is usually decided by the supply and the demand of this currency, and it goes up as the algorithms are harder to solve and there are tons of people who want to become a Bitcoin owner. When someone s Continue reading >>

Uspto Approves Bank Of Americas Cryptocurrency Exchange Patent

Uspto Approves Bank Of Americas Cryptocurrency Exchange Patent

USPTO Approves Bank of Americas Cryptocurrency Exchange Patent During the first week of December, the second largest bank in the U.S., Bank of America (BOA), was awarded a cryptocurrency exchange patent. The BOA cryptocurrency trading platforms concept summary outlines three types of accounts where users and businesses can swap digital assets instantly. Also Read: Two Days of Cboes Bitcoin Futures Show Intense Volume Fluctuations Bank of America Receives Approval for a Cryptocurrency Exchange Patent On December 5 the U.S. Patent and Trademark Office (USPTO) granted the financial institution Bank of America a patent to build a cryptocurrency exchange. The patents summary describes three types of accounts within the platforms system. The first account is for customers to store their digital funds. The second and third accounts operated by the business are called float accounts which allow quick digital asset swaps from behind the scenes similar to a centralized Shapeshift concept. BOA is one of the most active banks filing for blockchain and cryptocurrency-related patents over the past few years. Last summer the firm applied for over twenty patents this past August covering digital asset solutions to public and private blockchain concepts. The digital asset trading platform patent was filed in 2014 during the month of June. The patent called the cryptocurrency transformation system is explained quite thoroughly within the summary. The system further comprises a processor communicatively coupled to the memory The processor may receive an electronic request for a currency exchange and determine exchange rates for exchanging a first currency for a second currency, explains the BOA patent 9836790. The processor may also determine an optimal exchange rate. In response to dete Continue reading >>

Best Offshore Bank For Cryptocurrency

Best Offshore Bank For Cryptocurrency

written by Christian Reeves January 11, 2018 The reason for this article is that I finally found an offshore bank that understands cryptocurrency. They can transact for exchanges in multiple currencies and for crypto investors. This offshore bank has approved cryptocurrency transactions with its regulators and their correspondent partners and is going to make a big splash in the industry. So, heres what you need to know about the best offshore bank for cryptocurrency. First, let me explain why its such a big deal that an offshore bank is processing cryptocurrency (moving from bitcoin to US Dollars or Swiss Francs, for example). Its because most offshore banks block transfers from an exchange to your account. And, if you send a wire from a bitcoin exchange, banks will often close your account. This is happening every day and becoming more and more common, especially in the offshore world. Access to banks is a major problem for cryptocurrency exchanges. US correspondent banks impose US compliance requirements on offshore banks. This means that all offshore banks that transact in US dollars must know their customers (KYC) and have solid anti-money laundering procedures in place. Any offshore bank that doesnt follow US rules will be kicked out of the global system. Cryptocurrency exchanges hold money for customers. So, accounts in an exchange are a level removed from the offshore bank. If the bank wants to transact for an exchange, theyre basically required to know their customers customer (KYCC). The best offshore bank for cryptocurrency has resolved this issue as follows. Each and every customer of the exchange that wants to transact through the bank must open an account at the bank. Then the exchange can open a corporate and client account at the offshore bank. Customer Continue reading >>

Here's Where All The Uk's Major Banks Stand On Buying Bitcoin

Here's Where All The Uk's Major Banks Stand On Buying Bitcoin

A vertical stack of three evenly spaced horizontal lines. * Copyright 2018 Business Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our facebook linkedin twitter email copy link As bitcoin and other cryptocurrencies rise in popularity and their prices swing wildly , so too are they entering the consciousness of mainstream financial institutions. Not only are big banks looking at the applications of bitcoin and the blockchain technology attached to it, so too are they worrying about the impact the volatility could have on their customers. This is particularly true when it comes to people using credit cards to speculate on bitcoin. Although there is only anecdotal evidence of this, there is believed to be a growing number of people maxing out their credit cards to buy cryptocurrencies in the hope that their price will appreciate. Banks are concerned that wild swings in cryptocurrency prices will expose their customers to heavy losses, making them unable to repay their credit card debts. As such, some lenders have barred their customers from using credit cards to buy cryptocurrencies, with American banks JPMorgan Chase, Bank of America, and Citigroup leading the way. A number of UK banks have now followed suit, but which ones? Business Insider asked all the UK's major high street banks for their positions on allowing customers to buy cryptocurrencies on credit. Check them out below. Continue reading >>

Metropolitan Bank Halts All Cryptocurrency-related Wire Transfers

Metropolitan Bank Halts All Cryptocurrency-related Wire Transfers

Metropolitan Bank Halts All Cryptocurrency-Related Wire Transfers Metropolitan Bank Holding Corp, known for providing services to a number of cryptocurrency companies, has halted all cryptocurrency-related wires. In a move that will have far-reaching implications, Metropolitan Bank Holding Corp has halted all cryptocurrency related wire transfers, effective immediately, per a report from Fortune . The information came from statements by Metropolitan customers who were informed that the bank would be ceasing all international crypto-related wire transfers. The decision is highly significant for the cryptocurrency industry. Metropolitan Bank has earned a reputation for being Bitcoin-friendly, according to Fortune, which will likely impact its stock price. For example, Metropolitan is reportedly one of the main service providers for US-based cryptocurrency exchange Coinbase . The banks official position has not yet been made clear, but it appears that the risk of inability of verification for international cryptocurrency transactions has led to the move. The need to meet Know Your Customer (KYC) regulations has increased the potential for increased regulation in the currently loose cryptocurrency climate. Friday, US Treasury Secretary Steven Mnuchin indicated that an international effort to control and manage transfers in cryptocurrency could be forthcoming. Continue reading >>

Bank Of America Froze My Account For Buying Crypto

Bank Of America Froze My Account For Buying Crypto

Bank of America Froze My Account For Buying Crypto By The 'Stache on Tuesday, November 21, 2017 Often when I talk about the unprecedented potential of cryptocurrency (and more specifically Blockchain technology) I speak about the financial freedom it gives you versus the strangle hold that traditional banking has had over most of us since we upgraded from the piggy bank. A life of "banker controlled wealth" is all we have ever known. Recently I had to close my Bank of America account after they froze my funds without any reason given. Unfortunately, banks are still necessary on a daily basis, but if I could go 100% crypto I certainly would do it in a heartbeat. There is nothing worse then the fear of not being able to pay your bills because your bank account has been frozen. Follow The 'Stache as I lay out all the nasty details, why they really froze my account, and how YOU can avoid the same mistake. I had been a "BofA" customer since 2008 when I first started my web development business, Long Beach Web Design . I chose Bank of America because, at the time, they were one of the only banks that offered a business account where if you spent a certain amount of money on your debit card they would waive the monthly account fee. While I had a few issues with them over the 10 years as a customer, it was never anything so damaging that I needed to leave (although I got close a few times!). Ultimately, when they released their mobile banking app I couldn't be happier as it meant I did not have to traverse the lines and second-rate customer service I had come to hate at Bank of America. With the mobile app I could just deposit my business checks from the phone and avoid walking into the bank or ATM altogether. I run a pretty low key web development business where I do hosting, Continue reading >>

Digital Currency Friendly Bank Headed To Usa

Digital Currency Friendly Bank Headed To Usa

Digital Currency Friendly Bank Headed To USA Chris Kovatch , 27 Feb 2015 - Fidor Bank Ag , Partnership , Us It is no secret that traditional banks have been skeptical regarding the adoption of digital currencies. This is not the case for Fidor, an internet based German bank. "For Fidor Bank, this project is an outstanding opportunity and a further step in the global roll-out of the Fidor brand and Fidor vision. Even though the US is the motherland of all innovative digital developments, we see some striking market opportunities for a consumer-centric banking philosophy and product. The branchless online Bank began digital currency integration in July of 2013 through a partnership with Bitcoin.de , a German speaking exchange for buying and selling Bitcoin. Behind closed doors the two companies started developing plans to provide digital currency products to Fidor Bank clients. Fidor then partnered with the digital currency exchange Kraken, in October of 2013. Customers were then able to trade Bitcoin and other digital currencies with the backing of a licensed bank. Jesse Powell, CEO of Payward LTD (the developer of Kraken) said Fidor was an ideal partner for the exchange. "From the beginning, our goal has been to establish bitcoin and other digital currencies as legitimate complements to the euro, the pound and other traditional, government-issued currencies." Fidor continued to develop partnerships with the Bitcoin Industry. During January 2014 the bank unveiled their own trading platform to serve as a derivatives market for those interested in betting on the ups and downs of Bitcoins value. Matthias Krner, CEO of Fidor Bank, made his intentions clear upon this release, "Our long-term goal is to identify innovations such as new technologies, services, platforms and app Continue reading >>

Banks To Work With - Coinbase - The Bitcoin Pub

Banks To Work With - Coinbase - The Bitcoin Pub

Is anyone having any luck with TD bank? Im having a hard time with coinbase and am going thru a process of elimination. The bank said they were good butt, 3 email addresses and still after everything passes I get this buys disabled. Coinbase works great in the European Union (plus Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino) We do a SEPA* transfer which is typically free to a coinbase bank account in Estonia. Shouldnt you be teaching him how to do a SEPA* transfer? All I had to do on coinbase was give them my debit card and I was purchasing within minutes. That is a great question. Are you in Canada or the US (or elsewhere)? Big difference as Canadian regulators seem to be much more interested in this product than US regulators. TD Bank in the US is regulated and appears to not be interested in servicing Bitcoiners. Shouldnt you be teaching him how to do a SEPA* transfer? If he would be in the EU, he would know because it is the standard for account to account remittance. Credit Card payment is also possible, but coinbase takes a whopping 2.99% for that (in Europe/Germany). My point obviously was that coinbase has operations outside of the US as well. So depending on where you are, coinbase might work differently to some extent. Im Canadian and had problems with ScotiaBank, but I realized it wasnt the case with all methods of payment. I didnt have problem using my Visa debit card to buy crypto, but when I tried to transfer money using Interac it was blocked more than once. I returned to my old bank, and they said that if my account have too many transactions (especially deposits) on random days, they have to freeze it for suspicion of money laundering (unless I opened a business account). I cannot transfer fiat to Coinbase, I can only buy using C Continue reading >>

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