Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse
Amid the heated-up news steam about the FTX drama, Ripple CEO Brad Garlinghouse tried to turn the public’s attention to another case regarding the misdeeds of traditional finance. A $3.7 billion fine for mismanagement for Wells Fargo bank occurred to be, in Garlinghouse’s words, “barely a blip on the radar.” Ripple CEO expressed his concern […]
Crypto Biz: Wall Street is marketing Bitcoin for us, Feb. 3-9
A lot has changed since I first started covering Bitcoin (BTC) in 2012. A market once relegated to the deepest corners of the internet has now spawned a global revolution that has forced corporations and governments to form an opinion on digital assets. Now, Wall Street is chiming in, with analysts at major banks increasingly […]
Global crypto adoption could 'soon hit a hyper-inflection point': Wells Fargo report
Wells Fargo Investment Institute, the research division of Wells Fargo Wealth and Investment Management, has released a report highlighting the potential of cryptocurrencies as an investment opportunity akin to the early days of the internet. In a Monday report titled, “Cryptocurrencies — Too early or too late?“ the banking giant referred to cryptocurrencies as “viable investments,” but […]
Bacon Protocol launches decentralized mortgage platform
Decentralized mortgage lender Bacon Protocol officially launched on Tuesday, allowing cryptocurrency investors to participate in the housing market through a new stablecoin that’s backed by USD Coin (USDC) and home loans. In addition to launching its protocol, Bacon announced Tuesday that it is holding a public sale of bHome token, which is described as a […]
Banks cautious about crypto ahead of COVID-19 testimony before US Senate
Major Wall Street bank executives will appear before the United States Senate Banking Committee on Wednesday to discuss the role of their financial institutions in the recovery of the American economy. Democratic lawmakers plan to grill a number of major bank execs, whose firms saw record profits during the COVID-19 pandemic while average Americans struggled […]
Wells Fargo Investment Institute to onboard crypto clients by next month
Wells Fargo Investment Institute announced that it will soon open an investment product for its wealthy clients, with president Darren Cronk declaring the firm’s stance that the cryptocurrency space has finally come of age. The research division of Wells Fargo Wealth & Investment Management, which oversees close to $2 trillion in assets, is in the […]
Bitcoin price climbs 20% overnight as US banks brace for 40% profit cut
The dollar value of Bitcoin (BTC) jumped 20% overnight leading into Jan. 12, as the world’s most well-known cryptocurrency recovered swiftly from a 27% decline suffered just days before. The broader cryptocurrency market followed suit on Tuesday, as over $150 billion flooded back into the global market cap on the same day. The spot price […]