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Bitcoin Daily: UK Bank TSB Could Block 5M Customers From Buying Crypto Over Fraud Fears; Pitchbook: Investors Pour $17B Into Crypto Startups

Bitcoin Daily: UK Bank TSB Could Block 5M Customers From Buying Crypto Over Fraud Fears; Pitchbook: Investors Pour $17B Into Crypto Startups 2021 YTD

June 21, 2021 at 03:38AM
by PYMNTS

Venture capital funds have gone in big on crypto, with Bloomberg writing that they’ve spent $17 billion this year already.

Bloomberg notes that this amount is not only more than any other year — it’s also more than any other year on record combined.

Much of the glut came in May, when Block.one, in a single deal, invested $10 billion of digital assets and cash into new crypto exchange Bullish Global.

In addition, the company raised $300 million in additional funding around the same time.

BBVA, the Spanish bank, will be rolling out its bitcoin trading services for Switzerland’s private banks, a report from CoinDesk says.

The service has been tested for six months with a selected group of users. The trading service will now be made available to Swiss clients, although there will be no advice accompanying the service.

BBVA’s services encompass bitcoin, and the bank plans to broaden the definition for other cryptocurrencies in the future.

Signature Bank has added TrueUSD, the stablecoin, to its lineup for the Signet blockchain banking platform, according to a report from CoinDesk.

With the addition, customers of the New York bank are now able to use the coin for instant payments.

TrueUSD is backed 1 to 1 with U.S. dollars, and it has been independently verified by a U.S. accounting firm. According to the report, its circulating supply is at over $1.4 billion.

TSB Banking Group will ban over 5 million customers from buying cryptocurrency, fearing the fraud rates are spiking too high on trading platforms, Bloomberg writes.

Barclays, Monzo and Starling Bank have all also cracked down on cybercrime — all of them made moves to block cash transfers to crypto trading platforms like Binance.

TSB will be blocking crypto purchases in which the bank finds fraudulent abuse of trading platforms, proceeding to enact bans after that, Bloomberg writes.