Canadian Exchange Shakepay Gets Cold Wallet Insurance to Protect Customer Funds

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Crypto exchange Shakepay, which describes itself as “Canada’s fastest-growing bitcoin platform,” conducted a “proof-of-reserves” audit and acquired an insurance policy to reinforce its security, perhaps learning a lesson from fellow Canadian platforms QuadrigaCX, Einstein and Coinsquare, which all lost customer funds or have otherwise been involved in scandals over the past 20 months.

The Montreal-based crypto exchange hired blockchain forensics firm CipherBlade to conduct a full audit of its reserves and security policies. To safeguard its customers’ funds, the exchange also tapped a third-party custodian and secured a specific insurance policy for its cold wallets through Aon, underwritten by insurers with Lloyd’s of London, the exchange announced Wednesday.

Shakepay CEO Jean Amiouny told CoinDesk the exchange supports bitcoin buying and selling, but tries not to actually hold onto its customers crypto holdings any longer than necessary.

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This reduces

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RBI Allows One-Time Restructuring Of Corporate, Personal Loans

RBI Allows One-Time Restructuring Of Corporate, Personal Loans

RBI has made provisions for restructuring of personal and corporate loans

In a major relief to corporate and retail borrowers, the Reserve Bank of India (RBI) on Thursday permitted banks to go for one-time restructuring of loans that are facing stress due to the COVID-19 crisis with a view to mitigating risks to financial stability. The restructuring will be allowed as per the prudential framework issued on June 7, 2019, RBI Governor Shaktikanta Das said. RBI also announced setting up of an expert committee headed by veteran banker K V Kamath which will give recommendations on various parameters to be factored into each resolution plan for corporate loans.

“With the intent to facilitate revival of real sector activities and mitigate the impact on the ultimate borrowers, it has been decided to provide a window…to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change

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S’pore Likely To See L-Shaped Economy Recovery, But There’s A New “K-Shape” Emerging

According to the latest data by the Ministry of Trade and Industry, Singapore suffered its deepest economic slump on record in the second quarter (Q2) of 2020.

In Q2 2020, the economy declined by 13.2 per cent year on year (YoY), sharper than the estimated 12.6 per cent decrease and the worst on record.

MTI expects the economy to shrink between 5 and 7 per cent this year, dialling down its previous forecast of a 4 to 7 per cent contraction.

Minister of Trade and Industry Chan Chun Sing was quoted saying: “The forecast for 2020 essentially means the growth generated over the past two to three years will be negated.”

Five months into the pandemic-induced economic downturn, the shape of “recovery” is coming into focus — and it is not a pretty picture.

Singapore Likely To See L-Shaped Recovery

In a doorstop interview on 27 March, Prime Minister Lee

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BNY Mellon to Speak at the Barclays Global Financial Services Conference

NEW YORK, Aug. 24, 2020 /PRNewswire/ — Todd Gibbons, Chief Executive Officer, and Emily Portney, Chief Financial Officer, will speak at the Barclays Global Financial Services Conference, held virtually, at 7:30 a.m. ET on Tuesday, September 15, 2020. The discussion may include forward-looking statements and other material information.” data-reactid=”12″NEW YORK, Aug. 24, 2020 /PRNewswire/ — Todd Gibbons, Chief Executive Officer, and Emily Portney, Chief Financial Officer, will speak at the Barclays Global Financial Services Conference, held virtually, at 7:30 a.m. ET on Tuesday, September 15, 2020. The discussion may include forward-looking statements and other material information.

www.bnymellon.com/investorrelations). An archived version of the audio portion will be available, beginning at approximately 5 p.m. ET on September 15, 2020 and will remain available until 5 p.m. ET on October 15, 2020.  ” data-reactid=”13″A live webcast of the audio portion of the conference will be

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