Kiffmeister’s #Fintech Daily Digest (20230314)

Santander, HSBC, Deutsche and Others Still Willing to Serve Crypto Clients After Banking Failures, DCG Says

Digital Currency Group (DCG) is trying to find new banking partners for portfolio companies following the collapse of Silicon Valley Bank, Signature Bank, and Silvergate. Santander, However, CoinDesk reports that Bridge Bank, HSBC, Deutsche Bank, BankProv, Bridge Bank, Mercury, Multis, Series Financial, and Western Alliance are still willing to connect with crypto firms. On the other hand, those banks may restrict some services for crypto firms, for instance, brokerage and money market services and the ability to wire money to third parties. [Read more at CoinDesk]

Moody’s Downgrades Entire Banking Sector from Stable to Negative

Moody’s Investors Service has downgraded the entire US banking sector following the events around Silicon Valley Bank, Signature Bank, and Silvergate Bank. “While these three banks were unique in their focus on crypto and venture capital/private equity – areas of non-bank finance that grew quickly during easy monetary policy – it is increasingly evident that other US banks are also facing ALM strains… Some US banks also have demonstrated weak governance and oversight of ALM risk.” [Read more at CrowdFund Insider]

Banking Crisis in U.S. Likely to Push Crypto Firms Offshore

Some U.S. crypto firms are looking for bank accounts offshore. Sygnum in Switzerland and Bank Frick in Lichtenstein have seen an increase in requests to open accounts, and industry sources have pointed to SEBA Bank in Switzerland, FV Bank in Puerto Rico and Jewel Bank in Bermuda, EQIBank in Dominica, as well as Tether and FTX-tied Deltec in the Bahamas, as options for U.S. dollar-based banking. However, only crypto companies that are regulated and have proper compliance and governance will likely be able to access non-U.S. banks. [Read more at CoinDesk]

NAB completes world-first with cross-border stablecoin transaction

Australia’s NAB has completed an intra-bank cross-border transaction using NAB-issued stablecoin on the public and permissionless Ethereum blockchain, involving deployment of stablecoin smart contracts for seven major global currencies. NAB’s AUDN stablecoin will be fully backed one-for-one with Australian dollars and managed as a liability of the bank, will be the cornerstone for NAB’s ambitions in digital assets. NAB claims this is the world’s first use case of a large financial institution leveraging a public blockchain for cross-border payment rails. [Read more at NAB]


Upcoming conferences, webinars and speaking engagements:

  • I’ll be providing an introduction to global CBDC developments (virtually) to a panel at the March 15 Digital Euro Association (DEA) Digital Money Academy with Ruslan Konurbayev National Bank of Kazakhstan) , and Péter Fáykiss (Maygar Nemzeti Bank). [Register here]
  • I’ll be on a “public finance and the digital future” panel at the March 23-25 Willamette College of Law “Our Money, Our Future” (Hybrid) Conference in Salem, Oregon on March 24. [Register here]
  • I’ll be moderating the “CBDCs, Stablecoins, Commercial Bank Money Tokens – What is the Future of Money?” panel discussion at the Digital Euro Association (DEA) Digital Euro Conference on March 31 in Frankfurt. [Register with this link and the DECKIFFMEISTER20 code and get a 20% discount]
  • I’ll be moderating a panel on “what happens when the lights go out…different schemes for offline functionality” at the in-person Digital Currency Conference (DCC) in Mexico City on May 18. [Register here]

Kiffmeister’s global central bank digital currency monthly monitor

Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

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