Germany advances in the field of cryptocurrencies. Recently, Deutsche Bank joined crypto fund manager Galaxy Digital in working with Dutch market maker Flow Traders Ltd. to launch a euro-pegged stablecoin.

The three partners have worked on the creation of a company, called AllUnity, for the next issuance of a stable currency that is linked to the euro, the currency of the European Community.

It is a new initiative that will be based in Frankfurt “and will be led by Alexander Höptner, former CEO of the BitMEX exchange,” according to a company statement.

Deutsche Bank, together with its partners, must apply for an electronic money license to the German financial regulator BaFin, “anticipating the launch of its fully guaranteed cryptocurrency within the next 18 months” and which will be aimed at the corporate, institutional and retail sector and private users.

The consortium for the launch of this digital currency linked to the euro brings together the talent of three solid firms. In Höptner’s words, “the partnership combines the reliability of a major asset manager, a highly successful market maker and a leading innovator in the crypto sector, providing the stability, trust, connection and market power necessary for viable and usable stablecoins.”

M.Pino

Source: motocotacoin

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La entrada Germany works on a stablecoin linked to the euro apareció primero en Bitfinance.

Germany’s largest bank, Deutsche Bank, announced that it will offer cryptocurrency custody and tokenization service after signing an alliance with the Taurus platform.

The German bank’s interest in digital assets became palpable in 2021. Last June it applied for a crypto custody license with the German financial regulator, BaFin, which has now been granted.

For its part, “Taurus provides enterprise-grade digital asset infrastructure to more than 25 institutions to issue, custody and trade digital assets, such as cryptocurrencies, tokenized assets, NFTs and digital currencies.”

According to Paul Maley, global head of securities services at Deutsche Bank, the digital asset market has grown and demonstrated its great potential. Hence, “the need for traditional financial companies to adapt to the rapidly evolving space.”

In a first stage, they will offer custody of selected cryptocurrencies and some stablecoins.

M.Pino

Source: diariobitcoin

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La entrada Deutsche Bank to offer cryptocurrency custody and tokenization services apareció primero en Bitfinance.

The Federal Reserve of the United States (Fed) has fined the Deutsche Bank group, its division in New York and other subsidiaries in the country with 186.4 million dollars (166.7 million euros) after concluding that the German entity did not apply sufficient measures to prevent money laundering nor did it “sufficiently” mitigate the risks in its relationship with the Danske Bank subsidiary in Estonia.

“The board has determined that Deutsche Bank made insufficient remedial progress following court orders in 2015 and 2017 and found that internal anti-money laundering controls and governance processes were deficient in its previous relationship with the Estonian division of Danske Bank,” the Fed reasoned in a report released Wednesday.

The penalty imposed is subdivided into two tranches, of which 140.2 million dollars (125.4 million euros) correspond to the fine for failing to comply with previous decrees, while 46.2 million dollars (41.3 million euros) are justified by “unsafe and irresponsible” governance practices in their dealings with Danske Estonia.

The Fed has ensured that this subsidiary had a long history of high-risk ‘ratings’, as well as high levels of suspicious activities that Deutsche Bank did not “sufficiently mitigate” despite warnings issued in 2013 and 2014 by its own ‘senior’ staff in charge of legal ‘compliance’. It was not until October 2015 that Deutsche Bank terminated the relationship with Danske Estonia.

Likewise, the issuing institute has informed that the new document obliges Deutsche Bank to “prioritize” compliance with other requirements of “critical” importance of the orders previously issued by the board. As part of the process, the German bank will need to review its risk management and governance policies.

Source: dpa

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In an effort to revive its growth, Deutsche Bank has started talks with companies in the crypto sector in Germany.

The German bank, through Deutsche Bank’s asset management arm DWS Group, is in “negotiations to buy a minority stake in Deutsche Digital Assets, a provider of exchange-traded products.”

Likewise, as indicated by the executive director of DWS Group, Stefan Hoops, they are analyzing a relationship with the commercial firm Tradias, of Bankhaus Scheich, “a major German securities trading bank.”

This change in Deutsche Bank’s position is part of the search to stabilize and reactivate its growth after the turbulence experienced in 2022, with the departure of some 20,000 million euros and a drop of 107,000 million in assets.

Hoops has been a longtime cryptocurrency advocate. Recently, he declared that the low prices of assets in the market could be the door to new investment opportunities.

M.Pino

Source: diariobitcoin

(Reference image source: André François McKenzie, Unsplash)

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La entrada Bank of Germany in negotiations to invest in cryptocurrencies apareció primero en Bitfinance.

Deutsche Bank started 2022 with rising net profit, which rose to 1.06 billion euros ($1.1 billion) in the first quarter, Germany’s largest financial institution announced.

The result is 17 % more than the 908 million dollars obtained in the previous quarter. Before taxes, the bank obtained some 1,700 million euros, four percent more than in the same period of the previous year.

“The results of all business areas are within or above expectations, and we have achieved our highest quarterly profit in nine years,” summarized the group’s CEO, Christian Sewing.

Revenue growth

Total revenue, at more than €7.3 billion, was the highest since the first quarter of 2017. “In a difficult environment, we have delivered revenue and profit growth across all core businesses,” he said. CFO James von Moltke.

The goal is to increase return on tangible equity (ROTE) to 8 % by the end of 2022, and even higher than 10 % after tax in the future.

Last year, profitability was only 3.8 percent and this despite the fact that the group, which is listed on the main German stock index (Dax), achieved its highest annual profit since 2011 with 2.5 billion euros. In the first quarter of the current year, the bank obtained a return of 8.1 %.

Source: dpa

La entrada Deutsche Bank earns more than a billion euros apareció primero en Bitfinance.

The president of Deutsche Bank and the Association of German Banks (BdB), Christian Sewing, stated that he expects a prompt reaction from the European Central Bank (ECB) in the face of the new increase in inflation.

“In the midst of all the uncertainties, there is much to be said in favor of putting an end to the net purchase of bonds soon and giving a first signal in the interest rate,” Sewing said in a video conference at his function as head of the BdB.

It is “a signal that is urgently needed now,” stressed the president of the entity that brings together German banks. Sewing said that the sooner the ECB adopts the countermeasures, the better it will be for the development of the German and European economy.

The main objective of the ECB is to keep prices stable in the medium term in the eurozone within the framework of an inflation rate of two percent. Inflation in the 19 countries that make up the eurozone climbed in March 2022 to a record level of 7.5 percent per year.

Also in Germany, Europe’s largest economy, soaring energy prices pushed the annual inflation rate past the seven percent mark in March to 7.3 percent, the highest level on record. since German reunification in 1990.

Higher rates to combat inflation

“Long-term high inflation rates are a poison for the stability of our economy. And this is not only because high rates of currency depreciation worry businesses and consumers alike,” Sewing said.

“It is also about the fact that the cheap money policy has been accompanied by harmful redistributive effects for years,” said the BdB president.

Sewing said that people with lower incomes are the most affected. Higher inflation rates reduce the purchasing power of consumers because they can then get less for a euro.

The banking executive stated that each month the danger of inflation stabilizing at a high level grows. “That is why I can only warn that we continue with the policy of cheap money and that then these redistribution effects with all their social consequences are intensified,” he warned.

The European Central Bank has kept interest rates at extremely low levels for years. The key interest rate in the eurozone is at a record low of zero percent. Commercial banks currently have to pay 0.5 percent interest when they deposit money with the Central Bank. The Governing Council of the ECB will hold its next monetary policy meeting on April 14.

Source: dpa

La entrada Deutsche Bank expects ECB reaction to inflation apareció primero en Bitfinance.

One hundred banks, from around the world, have subscribed to the Swift Go service, which facilitates instant international payments to small businesses and consumers in a predictable, highly secure and competitively priced way from their bank accounts. This was reported by Swift’s Director of Products, Stephen Gilderdale, who stressed that “it has transformed the way in which SMEs and consumers make international payments through the banking system.”

Last July, the Swift Go service was launched on the financial market. That it has seven banks that operate worldwide, among which BBVA stands out, as one of the pioneering financial institutions with the service. PagoFX of the Santander group is also part of the system, and recently joined “Deutsche Bank, JP Morgan Chase and China Minsheng Bank, which represent 41 million low-value cross-border payments”.

Deutsche Bank Global Head of Product, Marc Recker, was pleased to have the Swift Go service, arguing: “We are very pleased to launch Swift Go and offer our customers a personalized service that will radically improve the way they operate. that carry out low value international transactions.”

For his part, the representative of the platform said that the service is leveraged on the high-speed rails of Swift gpi in order to strengthen the capacity of banks to serve their clients of small and medium-sized companies, as well as citizens.

Recker also highlighted the benefits offered by the Swift Ir service by joining the financial channels since it is capable of generating the best experience when sending payments because they are safe, predictable, fast and from the beginning it offers the greatest transparency in commissions. Therefore, he expects the service to continue to strengthen in the world financial market.

M. Rodríguez

Source: bancaynegocios.com

La entrada 100 banks join the Swift Go service apareció primero en Bitfinance.