Opinion
A spot Bitcoin ETF will bring fresh money to the market, but it will not change a fundamental reality: Bitcoin liquidity is declining.
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JPMorgan Chase News
JPMorgan Chase is a multinational banking and financial services firm based in New York City in the United States. It is the largest bank in the world in terms of market capitalization and serves millions of customers globally. In 2017, JPMorgan Chase announced it was working on a blockchain-based platform for processing payments. The platform, called Quorum, is a private permissioned blockchain based on Ethereum and is designed to be used by large enterprises. Quorum is notable for its focus on privacy and security and includes features such as data encryption and voting mechanisms that allow users to control who can access the network. In August 2020, JPMorgan Chase sold Quorum to blockchain software company ConsenSys.
JPMorgan Chase has also been involved in other blockchain initiatives, such as the Enterprise Ethereum Alliance (EEA). The EEA is a consortium of enterprises working together to develop enterprise-grade applications on the Ethereum blockchain. JPMorgan Chase is a founding member of the consortium and has worked on projects such as Quorum with other member companies. In 2021, JPMorgan Chase launched its own cryptocurrency, JPM Coin. The cryptocurrency is designed for use in institutional payments, and each coin is backed by one U.S. dollar. Because JPMorgan Chase is one of the largest financial institutions in the world, its involvement in blockchain technology highlights the potential for blockchain in traditional finance.
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The enterprise mainnet provides the scalability to add applications to a network with a KYC-compliant set of institutional banks, broker-dealers and asset managers.
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JPMorgan’s blockchain platform, JPM Coin, has introduced programmable payment functionality for its institutional users.
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Banks stressed customer accounts “remain secure,” and balances will be updated as soon as the issue is resolved.
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VanEck strategy adviser Gabor Gurbacs expects a wave of new investment capital and immigration will push El Salvador’s economic growth in the coming years.
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The volume represents a massive surge since the latest update in June, with the company saying that $300 million was transacted in the three years since JPM Coin’s launch.
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Consensys founder Joseph Lubin has been named in a new lawsuit filed in New York by over two dozen former Consensys employees.
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The FAB pilot follows Bank ABC’s in Bahrain. JPMorgan also just launched its Tokenization Collateral Network on Onyx.
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The Tokenized Collateral Network enables the conversion of traditional assets into digital assets and makes way for faster and more secure on-chain settlements.
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JPMorgan’s CEO Jamie Dimon pointed to trading, hedging, research and error detection as some of the processes that can be streamlined by AI.
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Coinbase CEO Brian Armstrong has been actively pursuing the exchange’s expansion ambitions in the United Kingdom amid mounting legal issues in the United States.
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Bitcoin trading volumes at a five-year low and the S&P 500 reaching its lowest levels in over three months could spell trouble for BTC bulls.
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After two years of experiments, JPMorgan and the Bahraini bank will offer U.S. dollar payment settlement in several countries, with plans to expand to euro service as well.
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Chase Bank customers in the United Kingdom will no longer be able to make crypto transactions starting Oct. 16.
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JPMorgan is reportedly developing the infrastructure to run a new deposit token, allowing settlements between banks for corporate clients.
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