Western banks have been cutting tens of thousands of jobs this year, with Swiss bank UBS leading the way. According to calculations by the British newspaper “Financial Times,” European and American banks have eliminated more than 60,000 positions in 2023. This is a significant number, comparable to the aftermath of the 2008 financial crisis, and […]
A new startup called Quantarea has recently launched in Stettlen, Switzerland, with the aim of offering “Quant as a Service” to the country’s financial industry. The company, founded last summer, is based in the former paper and cardboard factory in Bernapark. Led by a team of experienced individuals from the Swiss finance scene, including former […]
The Swiss government is considering the evaluation of regulations for large banks, according to Federal Councillor Karin Keller-Sutter. The Finance Minister is advocating for an open discussion on the matter. The recent report on the Credit Suisse crisis has raised questions about whether the “Plan B” for rescuing the bank would have been successful. The […]
Andréa Maechler, former director of the Swiss National Bank (SNB), surprised the financial world when she resigned in June and took on a new role as Deputy General Manager at the Bank for International Settlements (BIS) in Basel in September 2023. Maechler had been a member of the SNB Directorate since 2015, leading the III. […]
Thunder Terminal, an on-chain trading platform, recently experienced a security breach resulting in a significant loss of approximately $240,000. The breach occurred when a hacker gained unauthorized access to a MongoDB connection URL, allowing them to retrieve session tokens and execute withdrawals on behalf of users.Thunder Terminal took immediate action by revoking all session tokens […]
Paxos, a leading stablecoin issuer, has received regulatory clearance to launch its Paxos USDP stablecoin on the Solana blockchain. This move highlights Paxos’ growth and adaptability in the industry. Previously, Paxos had only issued stablecoins on the Ethereum blockchain.One key difference between Paxos and Circle, the issuer of USDC stablecoin, is that Paxos operates as […]
Grayscale, a crypto asset manager, has made amendments to its ETF strategy in order to comply with the cash-only redemption demands of the United States Securities and Exchange Commission (SEC). The revised filing excludes airdrops and forks, and instead focuses on facilitating fund creation and redemption using cash. This move aligns with the SEC’s preference […]
The team behind decentralized finance protocol KyberSwap has made the difficult decision to reduce its workforce by 50% following a major exploit that cost the company $48.8 million. CEO Victor Tran expressed his regret over the layoffs, stating that it was a heart-wrenching decision. However, the company plans to support the departing employees by creating […]
Ripple, the global payments network, has achieved a significant milestone by obtaining regulatory approval from the Central Bank of Ireland to provide crypto services in the country. This approval allows Ripple to offer digital asset services through its Irish subsidiary, Ripple Markets Ireland Limited. It also demonstrates Ripple’s commitment to regulatory compliance and its vision […]
Over the past two years, Elizabeth Stark and her team at Lightning Labs have made significant strides in growing the Lightning Network. They have achieved a remarkable 1,200% increase in routed transactions, demonstrating the effectiveness of their layer-2 scaling solution for Bitcoin.One of the key developments in the Lightning Network is the implementation of an […]
