Exchange virtual money
New York’s powerful banking regulator announced Thursday its first license for a Bitcoin exchange, extending its influence over the growing but little-regulated virtual currency industry. New York City-based itBit Trust Co. was the first company dealing in so-called crypto-currency to receive a trust license from the state Department of Financial Services (DFS). ItBit immediately announced it was accepting US retail and institutional Bitcoin trading customers, and said it had recruited to its board the former chair of the Federal Deposit Insurance Corporation, Sheila Bair. Benjamin Lawsky, superintendent of the DFS, which supervises the massive New York City banking industry, said it was “critical” to regulate the virtual money industry in […]
Is this the future of banking?
Deutsche Bank and Design Bloom’s Future Banking Competition brought together more than 2,000 entrants offering the best and brightest visions of what’s to come in the banking industry. The innovative entries poured in from 80 countries and brought to life ways to improve customer banking transactions and manage finances in the digital realm. Of the ideas, apps, products, services and gadgets, the judges chose three winners with promising entries for improving the future of banking. Marita Mitrovic from the Netherlands won first prize with her ‘LIFEWIRE’ entry. The ‘LIFEWIRE’ debit card is designed to help consumers track their spending and stay on budget by showing how much of their income […]