ChainCatcher news, according to Fox Business reporter Eleanor Terrett, the Wyoming-based crypto bank Custodia Bank will further lay off employees to save costs.The oral arguments for Custodia's lawsuit against the Federal Reserve will take place on January 21, coinciding with the second day of Trump's inauguration.Custodia CEO Caitlin Long stated, "I am incredibly proud of the Custodia team, the services we build for our clients, and our resilience during multiple innocent 'debanking' incidents. I especially thank Custodia's clients and shareholders who help us continue to fight for lasting banking access for the compliant U.S. crypto industry."

ChainCatcher news, Coinbase has submitted two new Freedom of Information Act (FOIA) requests to seek clarity on U.S. cryptocurrency regulation. The new requests are directed at the Federal Deposit Insurance Corporation (FDIC) and were submitted by History Associates Incorporated on behalf of the exchange.Coinbase's Chief Legal Officer Paul Grewal stated that one of the requests aims to clarify the alleged 15% deposit limit imposed on digital asset companies. The request claims that the 15% deposit limit is implemented on banks such as Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate Bank.The requested documents include interactions between FDIC board members, staff, deposit institutions, and officials from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) since June 1, 2022.

ChainCatcher news, according to Coindesk, cryptocurrency bank Xapo and the asset management division of Swedish investment company Hilbert Group, Hilbert Capital, announced plans to jointly manage a Bitcoin-denominated hedge fund with an initial capital of $200 million. The fund is expected to launch in September and will be open to corporations, commercial institutions, and professional investors.Xapo director Joey Garcia stated that providing participants with products that not only offer exposure to Bitcoin prices but also enhance the value of Bitcoin investments in a structured way is a natural evolution for this asset class. The specific fee structure of the fund has not been disclosed, but both companies indicated it would be below the traditional "2 and 20" model of hedge funds.

ChainCatcher news, according to official sources, cryptocurrency bank Sygnum has announced the launch of its 24/7 multi-asset instant settlement network Sygnum Connect.The network provides fiat, digital asset, and stablecoin trading settlement services for institutional investors, liquidity providers, stablecoin issuers, brokers, and specific trading platforms.

ChainCatcher news, according to The Block, cryptocurrency bank Sygnum announced today that it has raised over $40 million in a mid-round financing led by Milan-based asset management company Azimut Holding, with a valuation of $900 million. This funding will enable it to further build a fully regulated solution to support investors in increasing their investments in this asset class. Sygnum intends to use the newly raised funds to drive the bank's expansion into new markets and further develop its regulated products, such as interbank digital asset services.Gerald Goh, co-founder and CEO of Sygnum's Singapore branch, stated that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but due to regulatory obligations, the company cannot disclose further details. According to the statement, Sygnum Bank, headquartered in Switzerland and Singapore, has also obtained operating licenses in Abu Dhabi and Luxembourg, and currently manages assets worth over $4 billion from more than 1,700 clients across 60 countries.

ChainCatcher news, Swiss cryptocurrency bank SEBA Bank AG announced its name change to AMINA Bank AG. It is reported that the group operates globally from its regulated centers in Zug, Abu Dhabi, and Hong Kong, providing customers with traditional and crypto banking services.

ChainCatcher news, according to Reuters, crypto bank Silvergate Capital has fully repaid all remaining deposits. According to the statement, Silvergate currently holds less than $10,000 and will "continue to focus on bank liquidation." 1Previous news, in March of this year, Silvergate Capital announced it would cease operations and voluntarily liquidate the bank. Silvergate was once one of the most popular banks in the cryptocurrency industry. In the fourth quarter of last year, Silvergate lost $1 billion due to a massive outflow of funds following the collapse of FTX.

ChainCatcher news, according to The Block, crypto bank Anchorage Digital has partnered with Eaglebrook Advisors and Onramp Invest to provide independent managed accounts for registered investment advisors. The new custody and trading independent managed accounts (SMA) offer custody and settlement services for registered investment advisors, with a focus on security and compliance.

ChainCatcher news, according to Cointelegraph, the crypto banking platform Bitwala (formerly Nuri) will relaunch under its original name with the support of banking infrastructure company Striga. Bitwala CEO Dennis Daiber stated that as part of the partnership, Striga will provide Bitwala with "banking and crypto as a service," enabling the crypto banking app to leverage its trading and card issuance capabilities.Bitwala was renamed Nuri in 2021 and filed for bankruptcy in August 2022 due to liquidity issues triggered by the Terra collapse, leading the company to shut down operations in October 2022. Striga, founded in 2018, provides financial services infrastructure for companies in the cryptocurrency and banking sectors. The company is registered in Estonia and is a wholly-owned subsidiary of Lastbit, which is registered in the state of Delaware, USA.

ChainCatcher news, according to The Block, Swiss cryptocurrency bank SEBA Bank has obtained permission from the Hong Kong Securities and Futures Commission to allow its subsidiary to operate cryptocurrency-related services in Hong Kong.SEBA stated in a press release today that the license allows SEBA Hong Kong to trade and distribute all securities, including virtual asset-related products such as over-the-counter derivatives and structured products with underlying virtual assets.The cryptocurrency bank can also provide consulting on securities and virtual assets and manage fully discretionary accounts for traditional securities and virtual assets.Amy Yu, CEO of SEBA Asia Pacific, stated in the press release: "The region's long-standing position at the forefront of finance, trade, and innovation has always been attractive to us, as serving clients in the Asia Pacific is an indispensable aspiration of our team."

ChainCatcher news, according to The Block, Switzerland-based cryptocurrency bank SEBA Bank has received in-principle approval from the Hong Kong Securities and Futures Commission (SFC), which will enable it to engage in securities trading, including cryptocurrency-related products such as over-the-counter derivatives and structured products, as well as provide advice on securities and virtual assets, and offer asset management for fully discretionary accounts for traditional securities and virtual assets.SEBA's Asia-Pacific CEO Amy Yu stated, "We believe there is no issue in obtaining formal approval before the end of this year."

ChainCatcher news, former RippleNet General Manager Asheesh Birla tweeted that Coinbase is transitioning from a cryptocurrency exchange to a bank service that supports cryptocurrencies.Coinbase's latest mission is to build a crypto economy: a more equitable, convenient, efficient, and transparent financial system supported by cryptocurrencies. According to its Q1 2023 financial report, deposit revenue generated from interest income, blockchain rewards, and custody fees now accounts for the largest share of Coinbase's revenue. Interest from USDC deposits alone generated $199 million, accounting for about 18% of Coinbase's total revenue.Coinbase's revenue is slowly shifting from consumers to high-margin institutional clients, with institutional trading revenue growing by 67% compared to the previous quarter. Coinbase also benefits from bank-like revenue, which is less dependent on the overall crypto market. (source link)

ChainCatcher news, during the first quarter earnings call, BNY Mellon CEO Robin Vince does not consider himself a cryptocurrency bank and will continue to invest slowly in the industry.Additionally, he stated that the bank would not aggressively seek cryptocurrency deposits like other banks, and it will proceed with a slow layout in the cryptocurrency space. (CoinDesk)

ChainCatcher news, Oliver von Landsberg-Sadie, CEO of the crypto bank BCB Group, stated that the company is accelerating the addition of an instant settlement system for US dollar fiat to cryptocurrency to fill the market gap left by the suspension of the Silvergate Exchange Network (SEN). It is reported that BCB launched its instant settlement network in mid-2020, applicable to euros, pounds, and Swiss francs.Previous report, in late February, insiders revealed that BCB Group is raising funds through convertible notes. According to RootData data, BCB Group completed a $60 million Series A funding round in January last year, which was the largest Series A funding round in the UK blockchain industry at that time. (CoinDesk)

ChainCatcher News: The U.S. Federal Reserve recently announced that it has again rejected the application of the crypto bank Custodia for Federal Reserve oversight after denying it last month.A press release stated that the Federal Reserve Board voted against reconsidering Custodia's application. According to the voting record, this decision is consistent with last month's rejection of Custodia's application to become a member of the Federal Reserve System. In its initial rejection, the Federal Reserve stated that Custodia's business model "poses significant safety and soundness risks" and claimed that Custodia does not have an adequate risk management framework. (Source link)

ChainCatcher news, according to Cointelegraph, California-based cryptocurrency bank Silvergate has announced that it will suspend dividends on its 5.375% fixed-rate non-cumulative perpetual preferred stock Series A to maintain its "highly liquid balance sheet," but Silvergate emphasized that it still maintains "cash positions exceeding its digital asset customers' related deposits."It is reported that Silvergate previously laid off 200 employees (40% of its total workforce) on January 5 to sustain operations, and it reported a massive net loss of $1 billion in its fourth-quarter report for 2022. (Cointelegraph)

ChainCatcher news, the crypto-friendly bank Silvergate Bank's parent company Silvergate Capital announced that it holds less than $2.5 million in risk exposure to Genesis, and that Genesis is not the custodian of its Bitcoin-backed SEN leveraged loans, nor does it have any outstanding loans or investments. Silvergate Bank stated that its risk exposure to Genesis is "minimal," and customer deposits are safe.Previous report indicated that Genesis had liabilities of up to $5.1 billion within weeks of freezing withdrawals last November, with debts exceeding $3.5 billion to its 50 largest creditors, including Gemini Trust Company ($765 million), Mirana Ventures entity Mirana Corp ($151 million), and PayPal's parent company Moonalpha Financial Services Limited ($150 million), among others. (Source link)

ChainCatcher news, according to Decrypt, crypto bank Silvergate Capital disclosed last week that it recorded a $196 million impairment charge in the fourth quarter of 2022, reducing the value of the intellectual property and technology acquired from Diem Group at the beginning of last year. This adjusted figure represents a loss of 98% compared to the $200 million paid for these assets at the time of acquisition.It is reported that Silvergate had planned to use these assets to launch a stablecoin, but Silvergate stated last week that the release plan for the stablecoin has been firmly shelved. (Source link)