Bitcoin Daily: Paytm Stops Banking Support To Crypto Exchanges; HSBC Chief Says Bank Won't Trade Invest Crypto

Bitcoin Daily: Paytm Stops Banking Support To Crypto Exchanges; HSBC Chief Says Bank Won’t Trade, Invest Crypto

May 25, 2021 at 02:24AM

Paytm Payments Bank is no longer providing support for cryptocurrency exchanges, including WazirX, ZebPay and CoinSwitch Kuber, Mint reported.

The crypto industry has been set back again with this move, as the industry is now having trouble finding banking partners, the report stated.

The Reserve Bank of India (RBI) has said it wants companies to stop dealing with businesses that use cryptocurrencies, according to the report.

In other news, HSBC has said it won’t be dabbling in cryptocurrency, U.S. News reported.

HSBC said it finds digital currency too volatile and lacking in transparency, according to the report.

Bitcoin has fallen in value by around 50 percent due to Chinese restrictions, the report stated.

CEO Noel Quinn said the company is “not into” bitcoin as an asset class, saying “if our clients want to be there, then of course they are, but we are not promoting it as an asset class within our wealth management business,” according to the report. He also said the company isn’t planning work with stablecoins.

Meanwhile, Solidus Labs announced it has raised $20 million in a funding round, which will help expand the company’s vision of safe crypto markets and financial risk monitoring, according to a company blog post.

The new funding will go toward an expansion of Solidus’ research and development teams in Tel Aviv and London, supporting a 400 percent increase in demand for the company’s work since the start of 2020, the release stated.

Lastly, blockchain and digital currency platform Chia Network has increased its valuation by over double what it was, Bloomberg reported.

That comes after the company raised $61 million from investors, including Richmond Global Ventures and Andreessen Horowitz, the report stated.

Chia President Gene Hoffman said per Bloomberg that the company wants “to make digital currency easier to use than cash.”

His goal is to make his company one that can help crypto become a payment type used by governments and banks, among other institutions, according to the report.