In a significant development in the financial world, Deutsche Bank has unveiled its strategic partnership with Taurus, a cryptocurrency infrastructure platform. This groundbreaking collaboration will enable Deutsche Bank to offer its customers comprehensive cryptocurrency custody solutions on a global scale. The move underscores the banks commitment to embracing the digital revolution sweeping through the financial sector.

Deutsche Banks involvement with Taurus dates back to February 2023 when it participated in a remarkable $65 million series B fundraising round for the cryptocurrency infrastructure platform. Taurus is renowned for providing enterprise-grade infrastructure solutions for cryptocurrency issuance, custody management, and trading, encompassing a wide range of digital assets, including nonfungible tokens (NFTs) and tokenized assets.

Lamine Brahimi, co-founder of Taurus, highlighted the extensive due diligence process that preceded this partnership, emphasizing the meticulous approach taken by both parties. He stated, The collaboration discussions commenced in late 2021 and concluded in 2022. We secured the deal several quarters ago.

Deutsche Banks foray into cryptocurrency custody and trading services has been a three-year-long endeavor. The bank has consistently demonstrated its commitment to offering clients access to cryptocurrency markets and assets. This commitment was recently exemplified by the banks application for a digital asset custody license from Germanys financial regulator, BaFin, in June 2023.

Importantly, this partnership with Taurus is not limited by geographical boundaries. Taurus will be responsible for providing custody and tokenization technology, meticulously aligned with local regulatory requirements across the globe. This global reach reflects Deutsche Banks ambition to cater to a broad spectrum of clients and investors.

Paul Maley, Head of Global Securities Services at Deutsche Bank, underlined the significance of this move, recognizing the immense potential within the cryptocurrency space. He believes that the cryptocurrency market is poised to expand into trillions of dollars of assets and is set to become a top priority for both individual investors and institutional players alike.

Meanwhile, Deutsche Banks asset management arm, DWS Group, has been actively exploring opportunities within the cryptocurrency landscape. In February 2023, reports surfaced indicating discussions regarding potential investments in two German-based cryptocurrency firms. These discussions included crypto exchange-traded product provider Deutsche Digital Assets and market maker platform Tradias.

Furthermore, Deutsche Bank Singapore, in collaboration with Memento Blockchain, recently concluded a groundbreaking proof-of-concept project known as Project DAMA (Digital Assets Management Access). This project enables the efficient management of digital funds within tokenized securities, showcasing the banks commitment to embracing digital innovation.

Taurus, founded in Switzerland in 2018, embarked on its series B fundraising journey with Credit Suisse taking the lead. Deutsche Bank, alongside Arab Bank Switzerland, also joined this venture, underscoring the substantial interest from traditional financial institutions in Tauruss capabilities. This series B round announcement reiterated Tauruss strategic focus on serving tier 1 banks in Europe, signaling its strong positioning within the industry.

Lamine Brahimi, co-founder of Taurus, revealed that the platform currently serves nearly 30 banks, with most collaborations extending beyond cryptocurrencies. Tauruss services encompass a wide array of financial products, including tokenization of equity, debt, and other assets, highlighting its versatility in catering to the evolving needs of the financial sector.

In conclusion, Deutsche Banks partnership with Taurus marks a significant milestone in the world of financial services. As the cryptocurrency market continues its rapid growth, traditional financial institutions like Deutsche Bank are embracing digital innovation to offer their clients a comprehensive suite of services. This collaboration underscores the banks commitment to staying at the forefront of the evolving financial landscape, providing customers with secure and reliable access to the burgeoning cryptocurrency market.

Post Views: 720

Read the rest here:
Deutsche Bank Partners with Taurus to Expand Global Cryptocurrency Custody Services - The Currency Analytics

In a groundbreaking effort to enhance cryptocurrency accessibility in Nigeria, Yellow Card, a trailblazing African fintech firm, has forged a strategic alliance with MoonPay, a renowned global player in the cryptocurrency ecosystem.This partnership is set to revolutionise the crypto purchasing process for Nigerians by harnessing the power of local bank transfers, making it more efficient and user-friendly.

Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies.

Yellow Card, the largest and fastest growing cryptocurrency company on the continent, boasts a proven track record across 17 markets, with a particular stronghold in Nigeria. The collaboration with MoonPay signifies a turning point in the accessibility and usability of cryptocurrencies within the region.

"At the core of our company's mission is the belief that everyone should have access to the power and potential of cryptocurrencies. By joining forces with MoonPay, we aim to eliminate the barriers that prevent Nigerians from participating in the crypto economy. Together, we can help make crypto trading easy, intuitive, and available to all, said Uzoma James, West Africa regional manager at Yellow Card.

MoonPay's crypto reach

MoonPay has established itself as a frontrunner in the cryptocurrency industry, offering a comprehensive suite of solutions that simplify the onboarding process for newcomers to the crypto world. With this collaboration, MoonPay is poised to extend its reach into the Nigerian market, catering to the specific needs and challenges faced by the local population.

"Supporting local bank transfers unlocks immense opportunities for crypto users, and were eager to introduce this experience to Yellow Cards fast-growing ecosystem. Offering a simple, inclusive transaction method for users across Africa is an exciting step forward in our vision to onboard the world to Web3, said Ivan Soto-Wright, co-founder and chief executive officer at MoonPay.

The integration between Yellow Card and MoonPay will enable Nigerians to engage in peer-to-peer crypto transactions with unprecedented ease. Leveraging local bank transfers, users can eliminate many of the obstacles that have traditionally hindered the crypto purchasing process. This integration is set to transform the landscape of cryptocurrency accessibility in Nigeria, making it more inclusive and user-friendly.

Both Yellow Card and MoonPay are committed to fostering financial inclusion and innovation, and this partnership marks a significant step towards realising these goals in the Nigerian market. As the country continues to lead the crypto movement in Africa, collaborations like these are pivotal in ensuring that the benefits of digital assets are accessible to all segments of the population.

All rights reserved. 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).

See original here:
Nigerian cryptocurrency access revolutionised - ZAWYA

CRYPTOCURRENCY | BLOCKCHAINAs the crypto world prepares for the next bull run, a familiar debate is taking center stage: Ripples XRP or Stellars XLM, which is the superior cryptocurrency for investment?A Judges Gavel over the US Flag with Cryptocurrencies XRP & XLM PowerPoint Design Creations

Both XRP and XLM have amassed significant attention, often touted as two of the most promising contenders for mainstream adoption. Lets break them down, taking a closer look at their potential as the superior cryptocurrency for the next major rally.

XRP: Founded by Chris Larsen, David Schwartz, Jed McCaleb, and Arthur Britto, XRP is the cryptocurrency of the Ripple Ledger network. The Ripple team comprises experts with extensive backgrounds in digital payment systems. Its team has actively formed partnerships with international banks and financial institutions.

XLM: Stellar Lumens was also co-founded by Jed McCaleb after parting ways with Ripple. Stellar Development Foundation, a non-profit, oversees its growth, and it is focused on connecting banks, payment systems, and people to allow for large-scale, low-cost financial transactions.

XRP: Ripples primary use case is for real-time gross settlement, currency exchange, and remittance. It positions itself as an efficient, low-cost solution for cross-border payments, aiming to replace traditional banking systems like SWIFT.

More here:
XRP or XLM, Which Is the Superior Cryptocurrency Investment for ... - DataDrivenInvestor

Former President Donald Trump looks on during the pro-am prior to the LIV Golf Invitational - Bedminster at Trump National Golf Club on Aug. 10 in Bedminster, New Jersey. (Photo by Mike Stobe/Getty Images)

Donald Trump holds $250,000 to $500,000 of assets in a cryptocurrency wallet, according to a financial disclosure released last month.

The asset, listed on Trumps disclosure as cryptocurrency wallet (Ethereum), appears to be connected to a collection of non-fungible tokens, or NFTs, that he marketed after leaving the White House.

In December 2022, Trump announced that he was releasing a limited edition collection of 44,000 NFTs representing cartoon-like trading cards that featured Trump in various getups, such as hunters camouflage, a welders suit and a superhero costume. The $99 cards sold out in a day. Trump and his partner, a company named NFT INC LLC, then released a second batch in April. It also sold out.

The sales appear to have raised more than $8.9 million. The former president earned $298,000 in licensing fees from the venture, according to the disclosure. His wallet is held under the same Trump entity through which he collected his licensing fees, CIC Digital.

A few hundred thousand dollars is pocket change for Trump, who is worth an estimated $2.5 billion. But the real estate tycoon is not above making an easy buck, even if it requires hawking a product he doesnt particularly admire. I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air, he tweeted in April 2019. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.

The Securities and Exchange Commission has recently taken a more active role policing the broader cryptocurrency industry, going after celebrity endorsers like Kim Kardashian. But the regulatory agency has largely shied away from taking actions against NFT creators and companies, meaning Trumps NFT venture probably wont add to his legal woes.

Spokespeople for Trump did not respond to a request for comment. The existence of Trumps crypto holding was previously reported by Bitcoin.com.

Go here to read the rest:
Donald Trump Is Invested In Cryptocurrency - Forbes

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. REUTERS/Eduardo Munoz/File Photo

NEW YORK, Aug 14 (Reuters) - Sam Bankman-Fried used money he stole from customers of his FTX cryptocurrency exchange to make more than $100 million in political campaign contributions before the 2022 U.S. midterm elections, federal prosecutors said on Monday.

An amended indictment accused the 31-year-old former billionaire of directing two FTX executives to evade contribution limits by donating to Democrats and Republicans, and to conceal where the money came from.

"He leveraged this influence, in turn, to lobby Congress and regulatory agencies to support legislation and regulation he believed would make it easier for FTX to continue to accept customer deposits and grow," the indictment said.

Bankman-Fried faces seven counts of conspiracy and fraud over FTX's collapse, though the indictment no longer includes conspiracy to violate campaign finance laws as a separate count.

Federal prosecutors in Manhattan said last month they would drop that charge after the Bahamas, where FTX was based and where Bankman-Fried was arrested in December 2022, said it never intended to extradite him on that count.

Instead, prosecutors told U.S. District Judge Lewis Kaplan last week that a new indictment would "make clear that Mr. Bankman-Fried remains charged with conducting an illegal campaign finance scheme as part of the fraud and money laundering schemes originally charged."

Mark Botnick, a spokesman for Bankman-Fried, declined to comment.

Bankman-Fried has previously pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund.

Kaplan jailed him last Friday ahead of his Oct. 2 trial, after finding probable cause that Bankman-Fried tampered with witnesses.

Previously, Bankmman-Fried had been largely confined to his parents' Palo Alto, California, home on $250 million bond.

Bankman-Fried rode a boom in cryptocurrency values to amass a fortune that was once estimated at $26 billion, and became an influential donor to mostly Democratic candidates and causes.

The November 2022 collapse of FTX after a flurry of customer withdrawals destroyed his wealth and stained his reputation.

Bankman-Fried's indictment does not name the two people prosecutors say he used for "straw donors" to donate money at his direction. But other court papers and Federal Elections Commission data show they are Nishad Singh and Ryan Salame.

Singh, FTX's former engineering chief, pleaded guilty to fraud and campaign finance violations in February. He donated $9.7 million to Democratic candidates and causes, and said in court he knew the money came from FTX customers.

Salame, the former co-CEO of FTX's Bahamian unit, gave more than $24 million to Republican candidates and causes in the 2022 election cycle, according to Federal Election Commision data.

He has not been charged with a crime. In a separate court filing on Monday, prosecutors said Salame's lawyer had told them he would invoke his Fifth Amendment right against self-incrimination if called to testify.

Prosecutors said Salame told a family member in a November 2021 message that Bankman-Fried wanted to use political donations to "weed-out" anti-crypto Democratic and Republican lawmakers, and would likely route money through me to weed out that republican [sic] side.

Salame's lawyer did not immediately respond to a request for comment.

Reporting by Luc Cohen in San Jose, CaliforniaEditing by Chris Reese, David Gregorio, Jonathan Oatis and Shri Navaratnam

Our Standards: The Thomson Reuters Trust Principles.

Reports on the New York federal courts. Previously worked as a correspondent in Venezuela and Argentina.

View post:
Bankman-Fried used $100 mln in stolen FTX funds for political donations, US says - Reuters