Bitcoin

Bitcoin Daily: Chase Bank Agrees To Repay Crypto Fees; Digital Currency Platform Travala.com Sees Spike In Room Reservations

J.P. Morgan Chase will pay $2.5 million to settle a class action lawsuit regarding its decision in 2018 to start considering digital currency buys as cash advances, which brought about increased fees, Reuters reported.

As part of the arrangement, the company is not admitting wrongdoing, per the report. Plaintiffs noted in a motion that class members would receive approximately 95 percent of the costs they claimed were illicitly charged.

In other news, Travala.com, the digital currency travel platform, saw a 45.8 percent rise in the total number of room nights reserved last month compared to April, Cointelegraph reported. It also experienced a 205 percent revenue jump last month compared to April.

Travala.com CEO Juan Otero said, per the report, “We’re fortunate to see our users coming back as soon as they have the opportunity to travel again, even if it is just locally or for short weekends nearby.”

May, however, also experienced a 60 percent drop in room nights reserved in comparison to March.

Meanwhile, academics at Leiden Law School looked into the risks of depositing digital currency into crypto-custodians like crypto exchanges when they become bankrupt, according to a blog post.

Professor of Law Matthias Haentjens, Associate Professor of Law Tycho de Graaf, and doctorate candidate Ilya Kokorin wrote, “The custody of cryptocurrencies merits close investigation, as most cryptocurrencies now seem to be held through custodians rather than by crypto-investors directly.”

They noted that current volatility in the financial markets has brought digital currencies to the surface as a potential “possible source of liquidity and a safe-haven asset.”

And, Maerki Baumann, a private Swiss bank, has launched a new premium digital currency trading offering, CoinDesk reported.

The bank said in announcement, per the outlet, “The trading orders placed with Maerki Baumann are directed to professional crypto brokers and the world’s largest and most liquid crypto exchanges via proven partner companies.”

The bank has provided corporate accounts for qualifying digital currency businesses as of the time it made its first entry in the area, and its customers encompass high-net-worth individuals and institutional investors.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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