16 December

“New York-based Quontic Bank has become the first FDIC-insured financial institution to launch a bitcoin rewards checking program. The program includes a bitcoin rewards debit card (1.5% back), mobile app, access to ATMs, and mobile payments options like Google Pay and Apple Pay.

Customers will be able to hold their bitcoin with NYDIG or redeem it in cash, Schnall said. At the moment, customers are not permitted to transfer the bitcoin to another wallet address.”

“The exchange owner will launch a suite of tools in 2021 in a licensing partnership with execution provider CoinRoutes. Cryptocurrency indexes, historical data and real-time ticks are all on the table.

The deal makes Cboe, which operates the largest options exchange in the U.S., the latest financial force to enter the cryptocurrency data business. S&P unveiled its crypto index plans Dec. 3.

I would guess that in Q2, you’ll start to see actual indices come from this data through our Cboe global index team.”

“Decentralized derivatives trading platform Leverj today announced the launch of decentralized futures products for Bitcoin and Ethereum, in the form of perpetual swaps trading. Leverj was launched by former JP Morgan and Goldman Sachs traders and engineers.

Leverj.io is the first derivatives exchange to crack the self-custody problem. This is a significant piece of the DeFi ‘money lego’ stack.”

See Also: Secret Network Launches Bridge to Bring Transactional Privacy to Ethereum

“In a paper titled “Chartering the FinTech Future,” Charles Calomiris set out how stablecoin providers chartered as banks that do not rely on funding from deposits would themselves gain advantages from regulatory oversight.

Such companies would benefit by “coming out of the shadows,” he wrote, with geographic reach and market credibility outweighing the added cost burden of regulation.

It would be desirable to allow such banks to obtain national bank charters. At the OCC, we know that new technologies and consumer preferences, not regulators, will decide the future of banking.

Calomiris’ paper also examined the U.S. Federal Reserve’s grip on monetary power and its potential to oppose fintech banks.

The Federal Reserve is a very powerful organization that stands to lose its monopoly over the payment system as blockchain-based networks develop. One can hope that the Fed will be guided more by public interest than a desire to preserve its own power.

Calomiris suggested that politics as much as economics will decide whether consumers will ever benefit from a ‘chartered FinTech future.’

“The U.S. central bank’s top officials, led by Chair Jerome Powell, are expected this week to announce new “qualitative outcome-based” guidance to specify the conditions under which they might taper their stimulus-focused bond purchases, now proceeding at $120 billion a month. Such qualitative guidance would hinge on subjective criteria, such as a promise to keep buying bonds at the current pace until the pandemic is under control – which might be open to interpretation.

The upshot is that Fed officials might be using the new guidance as a way to tamp down expectations the bond purchases would continue ad infinitum, while leaving ample flexibility to continue the program as long as they see fit.

One “risk,” according to Feroli, is that traders start speculating on the timeline for broad distribution of a vaccine and perhaps then conclude bond purchases might wrap up sooner than most investors are currently anticipating.

This sets up the risk that new guidance could spark another taper tantrum.”

“The Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings relevant to the draft rehabilitation plan.

While there are no details provided on the plan, the announcement marks the beginning of the end for users who have been waiting for refunds since 2014 when the exchange collapsed.”

“Canadian musician Deadmau5 has teamed up with Worldwide Asset eXchange to launch a limited series of non-fungible tokens.

Inside the packs, users will find an assortment of random NFTs—from “Common” to “Very Rare”—such as stickers and pins as well as black, silver, and gold Deadmau5-themed cards.”

“The Mining and Metals Blockchain Initiative (MMBI) from the WEF said its proof-of-concept carbon tracing platform COT was in development for over a year. The finalized platform will track embedded greenhouse gas emissions from the mine to the final product using distributed ledger technology.

The developmental phase will progress to the next stage of accumulating and processing stakeholder feedback.”