Digital Asset Capital turns to Swiss bank amid Silvergate system shortfall
It is reported that Digital Asset Capital is seeking the help of Swiss Bank to fill the gap caused by the use of Silvergate system. Digital Asset Capital Manag…
It is reported that Digital Asset Capital is seeking the help of Swiss Bank to fill the gap caused by the use of Silvergate system. Digital Asset Capital Management uses Silvergate’s 24-hour real-time network to transfer funds into and out of the platform of Coinbase Global. However, such exchanges as Coinbase, Crypto.com and Gemini will no longer accept or initiate payments through Silvergate.
Digital Asset Capital seeks help from Swiss Bank due to the influence of Silvergate
Interpretation of the news:
The cryptocurrency industry has seen a recent shift in payment methods, with exchanges such as Coinbase, Crypto.com and Gemini opting out of supporting Silvergate’s real-time payment network. Reports have emerged stating that Digital Asset Capital Management, which uses the Silvergate system to transact with Coinbase, will now seek the help of Swiss bank to fill the gap caused by the lack of support for the system.
The decision to abandon the Silvergate system by these exchanges appears to be linked to increased regulatory scrutiny from the US government, who cite increasing anti-money-laundering (AML) and other financial risk mitigation obligations. Analysts say that the proliferation of digital assets has made it difficult for regulators to monitor and track illicit financial flows, which puts pressure on financial institutions to ensure that they comply with financial crime regulations.
Digital Asset Capital’s transfer of funds to and from the Coinbase platform relied heavily on Silvergate’s payment processing system. The disruption caused by the system’s lack of support has led Digital Asset Capital to seek the help of a Swiss bank to facilitate cryptocurrency transactions. Of note is the fact that Switzerland has traditionally had a pro-crypto stance, and is home to some of the world’s largest cryptocurrency exchanges, including Bitfinex, which is headquartered in the country.
The move by Digital Asset Capital to seek out the assistance of a Swiss bank to continue facilitating its cryptocurrency payments only reinforces the growing concerns around regulatory pressures in the industry. While it is unclear why Coinbase, Crypto.com and Gemini decided to end support for Silvergate, it is important to note that businesses operating in the cryptocurrency space are expected to comply with financial regulations, which can be challenging given the still-developing regulatory environment.
In conclusion, the recent move by Digital Asset Capital to seek out the assistance of a Swiss bank to continue navigating the changes brought about by the Silvergate system’s lack of support highlights the importance of complying with financial regulations in the cryptocurrency space. As the industry continues to mature, compliance with financial regulations will play a critical role in ensuring its long-term sustainability.
Word count: 385
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/4819/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
#Table of Contents
On April 13th, Aave announced on its social media platform that the theft of Yearn Finance had no impact on Aave v2 and v3. The impact on Aave v1 is being confirmed, and the origin
-
What is BTC36 (What is BTCC Instructor Certification)?
What is BTC36? Bitcoin is a highly secure cryptocurrency that is subject to str
-
ETH 2.0: The Future of Cryptocurrency is Bright
It is reported that the total number of pledges of ETH 2.0 has exceeded 17.9728 million, which is 17972763. According to the current market price, the value is about 37.277 billion
-
Digital Asset Investment Products Experience Record Outflow of Funds
On February 21, the report of CoinShares, an institutional encryption fund management company, showed that the total outflow of funds from digital asset invest…
-
Why has BCC consistently fallen (why has BCH fallen so much)
why bcc keeps falling According to the bcc why does bcc keep falling report, users trading on Coin Security have stated that their funds have been arbitrage. Because users choose not to participate, they cannot receive corresponding rewards But this is not the first time that Coin An has taken such action – since the event started in October last year, many people have complained that BCC is an air project: there is not much profit, and there are often some risks, such as problems when you want to invest your own money in a project or the possibility of any problems in your account; At the same time, this situation is also the most typical “scam” in the coin industry, and some platforms may even transfer all their assets to others Why has BCH fallen so muchEditor’s note: This article is from Fengchao Caijing News (ID: fengchao caijing), written by Kyle and reprinted by the Daily Planet with authorization…
-
RBI To Expand Use Cases for Central Bank Digital Currency
It is reported that the Reserve Bank of India (RBI) shared the evolution of the Central Bank\’s wholesale trial of digital currency (CBDC), which began on Novem…
-
Suteki Project Discord Server Attack: What Happened and What You Should Do
According to reports, according to CertiK monitoring, the Discord server of the Suteki project has been attacked. Do not click on any links until the team regains control of their
-
Former FTX Executive to Plead Guilty to Criminal Charges, Joining Two Other Core Members in Cooperation with the Prosecutor
It is reported that Nishad Singh, the former engineering director of FTX, is finalizing an agreement with the prosecutor to plead guilty to criminal charges. A…
-
Syz Group and CMCC Global Join Hands to Launch Cryptocurrency Investment Fund
On April 22nd, it was announced that Swiss Syz Group will collaborate with Hong Kong venture capital firm CMCC Global to launch a fund with a scale of at least $50 million, investi
-
Nanjing Launches First Metaverse Reading Innovation Studio
According to reports, on April 21, the launch ceremony of the 2023 Nanjing Yuhuatai District National Reading Series was held at the Nanjing South Station Regional Party Building A
-
Tracking down the ACS flash loan attacker: Funds transferred to Tornado Cash
According to reports, according to CertiK monitoring, the Ally Credence System (ACS) flash loan attacker has transferred funds to Tornado Cash. The EOA account address 0x31d5fE has
-
What is the Bitcoin unit (Bitcoin counting unit)
What is a Bitcoin unit? According to Bitcoin, what is a Bitcoin unit? It is a concept of Cryptocurrency. Bitcoin is a point-to-point Electronic cash system, which can send, receive and Exchange value assets worth 10000 dollars or more or anything like other digital wallets. When we talk about using Bitcoin as a payment method, the first thing to know is what technology (hardware) it runs on. But if you want Bitcoin to become a truly decentralized network, then you need a trusted third party before you can call this person a ‘miner’ Bitcoin Count UnitAccording to Bitcoin, Bitcoin Count Unit is the only number in BTC. The system creates a unit 10 times cheaper than a gram of gold by comparing the computing power of Bitcoin with other Cryptocurrency (such as dollars, euros or pounds). Before using these individual units, it is necessary to check if each unit has an appropriate hash rate (approximately 1KB). When miners start digging,…
-
Bank of America to Acquire Signature Bank?
On March 18th, billionaire investor Bill Ackman posted a message on social media saying that Bank of America had planned to step in and acquire the troubled Signature Bank. It is expected to release relevant information next Monday. Data shows that the current market value of Bank of America is estimated to be approximately $222 billion. So far, neither Bank of America nor Signature Bank has responded to this matter. （cryptoslate） Bank of America may acquire Signature Bank Analysis based on this information:Billionaire investor Bill Ackman caused a stir on social media on March 18th when he claimed that Bank of America was planning to acquire troubled bank, Signature Bank. The news has yet to be confirmed, but Ackman stated that more details were expected to be released on Monday. The possibility of an acquisition is not surprising given the current state of the banking industry. Many banks are struggling with the aftermath of the COVID-19 pandemic, as well as…
-
Which currency has the highest mining returns (which currency is mined the fastest)?
Which currency has the highest mining returns? According to mining profitability
-
Digital Asset Investment Products Have a Net Inflow of $2.5 Million: A Breakdown of Bitcoin, Ethereum, and Short Bitcoin Investment Products
According to reports, according to CoinShares, digital asset investment products had a net inflow of $2.5 million last week. Among them, Bitcoin investment products have a net infl
-
What does coinsafe mean in Chinese
coinsafe What does it mean in Chinese? According to Coindesk, investors suffered heavy losses in the Cryptocurrency bear market from December 2017 to 2018. Although the market has always been uncertain about how to invest (including whether external funds are needed) and where to obtain returns, there are still many people complaining and confused. CoinSafe began operating in early 2019; However, now the project has closed all services and suspended all transactions, and there is still nothing to buy or sell. So, what does Coinsafe mean in Chinese and what does it mean To put it simply, coinSAFE is a digital asset management platform based on the Ethereum blockchain; CoinSafe is operated by a company focused on the encryption industry In English, Cousins means “contracts” or “contracts”. Its definition is: a contract is an agreement. It can be considered as a specific set of programs (such as email, social media) to share the content or information of the protocol with…