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Paxos National Trust Gets OCC Blessing, Charles Schwab Eyes Crypto + More News

By Linas Kmieliauskas
Paxos National Trust Gets OCC Blessing, Charles Schwab Eyes Crypto + More News 101
Source: Adobe/Andriy Blokhin

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Banking news

  • The US Office of the Comptroller of the Currency (OCC) today announced preliminary conditional approval of the application to charter Paxos National Trust, New York. Last December, PayPal, RIT Capital Partners, and other investors-backed major blockchain infrastructure platform Paxos submitted an application for a national Trust Bank charter as it aims to "become the first custodian of digital assets to be regulated at both the state and federal levels."

Investments news

  • Charles Schwab Corp is looking "closely" and "cautiously" at the crypto market and is waiting for regulators to give more guidance around the digital currencies before considering offering crypto capabilities on its platform, Reuters reported, citing CEO Walt Bettinger. "And if and when [regulatory clarity] comes, you should expect Schwab to be a player in that space in the same way it has been a player in other investment opportunities across the spectrum," Bettinger was quoted as saying.

DeFi News

  • Major crypto lender Celsius (CEL) said that "due to market conditions" they recommend "adding crypto to your Celsius account to secure your loan in case of a margin call." "We will be in touch with you directly if a margin call is issued for your loan," they said.

CBDCs news

  • Norges Bank, the central bank of Norway, said it will test various technical solutions for a central bank digital currency (CBDC) over the next two years. "The working group is of the opinion that the motivation for research into CBDCs has been strengthened," the bank said, adding that "the share of cash payments in Norway is now probably the lowest in the world."

Mining news

  • Bitfarms said they've partnered with Foundry to expand their Bitcoin (BTC) mining fleet and join Foundry USA Pool, boosting operating hashrate by 15%. Both companies also announced the purchase of 2,465 Whatsminer M30S Bitcoin mining machines through Foundry’s services.

Adoption news

  • A survey commissioned by the Moscow-based Otkritie Bank, one the top 10 commercial banks in Russia, has found that 14% of the respondents think “digital currencies” will replace fiat in 10 years’ time, reported Nord News. The survey, which collected responses from 1,000 people aged 18-65 in some of the nation’s largest cities, also discovered that 21% of citizens in Moscow and the surrounding areas thought that cash would be obsolete in a decade’s time, with almost four in 10 in the capital believing banks will transform into “digital ecosystems” in the same time period.

NFTs news

  • The Japanese crypto gamemaker double.jump, the firm behind the My Crypto Heroes blockchain game, has partnered with Dapper Labs on a Flow protocol-based project. The Japanese firm stated that the partnership would see it release non-fungible tokens (NFTs) and blockchain games on the blockchain network, adding that it would also begin operating a node for the protocol. double.jump added that it was aiming to “promote the overseas expansion” of its NFTs and blockchain games via Flow, and “support Flow's expansion into Japan.”

Crime news

  • Some 1,100 Spaniards are thought to have been caught up in a crypto-themed pyramid scam, authorities in the nation claim. Heraldo reported that the Audiencia Nacional (National Court), one of the highest in the land, has now taken over the investigation into the alleged scheme, which appears to have sucked in investors from 30 Spanish provinces and territories. The alleged masterminds are believed to be Tenerife-based and have reportedly accrued almost USD 50m. Police claim the alleged scammers promised investors returns of up to 15% per month.

Career news

  • Robinhood announced that Christine Brown will lead Robinhood Crypto as Chief Operating Officer, where she’ll oversee all of their crypto operations and compliance. She’ll also keep her current role of Robinhood Markets’ VP of Product Operations.

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