- The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
- The cryptocurrency reportedly reached its highest market price of $5,149 thanks to Chinese bitcoin exchange OkCoin.
- The new record comes amid news that six big banks have joined a project developing a new settlement currency based on blockchain technology – the world’s leading software technology used by bitcoin, ethereum, and other cryptocurrencies.
- Originally started by UBS, the new currency could pioneer how central banks chose issue cryptocurrencies.
- “We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point,” UBS director Hyder Jaffrey told CoinDesk.
The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
Continue reading “Bitcoin price surpasses $5,000 for first time — RT Business”
- When senior Santander executives gathered in the principality of Andorra in January this year, the bank’s “innovation director” warned that a large chunk of its profits were at risk – because the juicy margins it earns on money transfers could be destroyed by new competitors.
- The documents supporting these claims have since been leaked to Guardian Money, and reveal that Santander made €585m from money transfers – equal to nearly a tenth of its 2016 global profit of €6.2bn – and that it charges six times as much as rival TransferWise for sending £10,000 from the UK to Spain.
- They were told that while TransferWise, a relatively new start-up in the money transfer business, was charging €64 to move £10,000 from the UK to Spain, Santander charged €394 – six times as much.
- New entrants were “attacking the profitable slices” of its money transfer business, and if the bank charged the same as TransferWise its revenue would collapse from €585m to €95m, a fall of 84%.
- “The document is for illustrative purpose only and shows the revenues (not profit) generated by Santander Group through international money transfer (IMT) across all our retail and commercial businesses in all countries.
An internal Santander memo leaked to Guardian Money says 10% of its global profits come from international cash transfers, and it charges six times more than newer rivals
Continue reading “Revealed: the huge profits earned by big banks on overseas money transfers”