bitcoin

Brian Behlendorf, leader of the Linux Foundation's effort to establish standards for blockchain, likens the invention of cryptocurrencies to the moon launch and says banks, open-source developers and others are working to make the underlying technology commercially viable.

Departing chairman Martin Gruenberg says the financial system is still vulnerable to unforeseen shocks; bank offers ways for customers to avoid overdraft fees.

When a coder locked $150 million of digital currency stored in Parity digital wallets last week, many bankers probably saw it as another reason to ignore cryptocurrencies. Instead they should recognize the business opportunity (key custody) that the incident presents.

The speculation around bitcoin is the "very definition of a bubble," Credit Suisse Chief Executive Officer Tidjane Thiam said as the currency exceeded $7,000 for the first time.

As more startups turn to ICOs to raise capital, financial institutions will seek reassurance that their blockchain and other fintech partners are aboveboard.