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Metro Bank appoints CIO and chief transformation officer

Metro Bank appoints CIO and chief transformation officer

Cheryl Newton will be joining as Chief Information Officer. She will be responsible for developing Metro Bank’s technology agenda to further enhance the service it provides to colleagues and customers, across all of its channels.

Cheryl is a technology specialist and has held global managing director and IT Board level positions implementing IT solutions for financial companies worldwide including JP Morgan, Lloyds Banking Group, HSBC, Credit Suisse and Barclays.

Also joining the leadership team will be Daniel Frumkin, who has been appointed as Chief Transformation Officer. He will take the lead in delivering the bank-wide efficiency programme to further enhance customer experience and continue to create even more FANS.

Daniel joins after eight years at The Bank of N.T. Butterfield & Son Limited, a full service community bank based in Bermuda, most recently as their Global Chief Operating Officer and prior to that as Global Chief Risk Officer. He has previously worked at Parex Bank, Northern Rock and RBS.

Commenting on the appointments, Craig Donaldson, CEO at Metro Bank, says: “Both these appointments are a significant step forward in our year of transition for Metro Bank and will help us deliver on our strategic initiatives. Cheryl and Dan bring deep experience and expertise and share our vision for creating FANS. I’m really looking forward to working with them.”

Cheryl Newton added: “I’m really excited to be joining Metro Bank as it continues its expansion across Britain, giving customers real choice in who they bank with. We have a huge opportunity through our investment in stores and digital to really transform the banking experience for people and SMEs across the UK.”

Daniel Frumkin added: “I’m looking forward to joining the team at such an important time during this year of transition for Metro Bank. There is real potential for the future as we focus on driving long-term growth by delivering great customer service at the right cost.”

Cheryl will start with the bank next week and Daniel will join in September. Both roles will report directly to Chief Executive Officer, Craig Donaldson.

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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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Bakkt Kicks off Test-Launch Phase for Physical Bitcoin BTC Futures

Bakkt Kicks off Test-Launch Phase for Physical Bitcoin BTC Futures

Testing of Bakkt’s Bitcoin futures contracts starts today as the ICE-backed startup is trying out the underlying infrastructure to see how things will evolve before it launches its much-anticipated product to the masses.

The new Bitcoin offering involves two futures contracts; daily future contract, which will enable customers to transact in a same-day market, and a monthly bitcoin futures contract. The contracts will be margined by ICE Clear US, including the collection of initial margin collateral and variation margin to manage risk.

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During the test-launch phase, aka “user acceptance testing”, each contract on the Bakkt’s platform will consist of one bitcoin with a minimum tick size for trading set at $2.50 per bitcoin. The futures contract will be cleared through ICE Clear US, which also clears trades for NYSE.

COO Adam White previusly shared a figure illustrating the benefits that institutions would expect when they trade with their yet-to-launch crypto venue. The list includes block trades; a fee holiday through the end of the year; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.

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Resolving the custodian issue

And in order to placate the CFTC, the physical delivery and storage of bitcoin will be provided by Bakkt’s qualified custodian. This was the issue that has made the agency most concerned about the NYSE owner’s product as crypto assets have been vulnerable to the risks of possible theft and manipulation.

Bakkt also revealed that it would pay $35 million to contribute into arrangements of hedging against clearing risks. “This puts our own “skin in the game” and aligns our interests for market integrity and safety with market participants,” said CEO Loeffler.

Earlier this year, Bakkt acquired Digital Asset Custody Company (DACC), which provides cryptocurrency custody solution for institutional investors and token issuers holding digital assets. The takeover should help Bakkt secure the NY regulator’s approval to operate as a so-called ‘qualified custodian,’ which permits the company itself to hold custody of customers’ tokens. In addition, Bakkt also announced it has partnered with BNY Mellon to offer geographically-distributed storage of private keys secured by the bank.

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Indian Police Seize $3 Million in Bitcoin from Sh**ty Bitconnect Scammers

Indian Police Seize $3 Million in Bitcoin from Sh**ty Bitconnect Scammers

Property worth over Rs 38 Crore ($ 5.5 million) has been seized in the Indian state of Gujarati from promoters of the Bitconnect cryptocurrency scam. According to the Times of India, the property includes 280 Bitcoins which at the current prices are worth nearly $ 2.9 million. The seizure of the properties follows the arrest of Bitconnect […]

The post Indian Police Seize $ 3 Million in Bitcoin from Sh**ty Bitconnect Scammers appeared first on CCN Markets

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Crypto Bank FairX Shuts Down Due to Lack of Funds

Crypto Bank FairX Shuts Down Due to Lack of Funds

FairX, a company planning to bring crypto-based banking services, on Saturday, has announced the termination of its operations due to lack of funds.

In a series of consecutive Twitter posts, Michael Dowling, the founder of the company, detailed the company was struggling to raise funds for the last 14 months.

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Mentioning the plan of the company, the announcement stated: “Ultimately, our business model was simple: introduce a new, licensed, fully regulated national bank, modeled as a financial market utility, that would work with individuals and banks to create a dematerialized bank deposit, denominated in USD. The bank was Frank Financial.”

Per Dowling, the company did not get the attention of venture capitals or crypto-focused investors. Though some other investors were interested in the company, banking regulations barred him to issue preferred shares to the initial investors, while the company failed to create a stablecoin without centralization.

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Stablecoins in crisis?

Though once engaged in bringing crypto to banks, Dowling now believes that blockchain might not be the best solution to streamline banking services. He revealed that the cost of disrupting the banking industry with blockchain solutions is massive.

He also targeted the future of stablecoins and pointed out the flaw of the fiat-pegged coins in banking.

Established in March 2018, FairX was aiming to leverage Stellar network to built a banking platform that could take both Stellar token and fiat and convert them in any other digital token.

Though since April, the crypto market is recovering from the year-long bear, many crypto-related businesses are closing their operations due to lack of funds or regulatory uncertainties. Most notably, four crypto exchanges in India terminated their operations this year.

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Major Coins Trading Sideways With Moderate Losses, Bitcoin Near $10,400

Major Coins Trading Sideways With Moderate Losses, Bitcoin Near $10,400

Sunday, July 21 — Major coins are mostly trading sideways, remaining relatively quiet with moderate losses over the past 24 hours, according to data from Coin360.

Market visualization from Coin360

Market visualization from Coin360

Leading cryptocurrency Bitcoin (BTC) broke the $11,000 threshold earlier yesterday, but could not hold its position and dipped to its current price point of $10,406, down by 1.86% on the day. In terms of its weekly performance, BTC has lost 2.20%.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

The second-largest crypto, Ether (ETH), has taken a downturn as well and is trading at $221.26 at press time, down by 1.34% on the day. ETH began the day at $233.61, hitting its highest mark at $236.05 in the middle of the day before reaching its current price.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

XRP has also experienced slight losses over the last 24 hours, down 1.78% to trade at $0.323 at press time. The altcoin’s weekly chart is showing its price increase by 2.91%, with its lowest price mark of $0.293 on July 16.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

On the top-20 digital currencies list, only Tether (USDT), EOS (EOS), UNUS SED LEO (LEO), Cosmos (ATOM) and Tezos (XTZ) are reporting gains, wherein XTZ is up by 9.37%.

Total market capitalization of all coins is over $288 billion at press time, which is its lowest point on the day. The daily trading volume of all cryptocurrencies is around $59.4 billion.

As reported earlier today, BTC outflows on major cryptocurrency exchange BitMEX notably exceeded the inflows after the firm was reported to be a subject in a regulatory investigation. Over the past 24 hours, BitMEX reportedly saw an outflow of $83 million worth of Bitcoin, while only $12 million came in.

Keep track of top crypto markets in real time here

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