No Competition for JPM as Citi won’t Launch its Own Coin

Citigroup bins the idea of launching a Citicoin token. The bank reconsidered the idea for a bank-backed token back in 2015. Ultimately, it decided that other technologies worthy solutions, and never went through with the idea—it had neither announced the Citicoin token idea formally or showed a proof of concept.


Citicoin was supposed to enable easier cross-border transfers. Following the Citicoin experiment, however, the bank decided to leverage existent payment ecosystems, explained Citi global head of innovation for treasury and trade solutions Gulru Atak.


The bank went ahead with fin-tech solutions and methods that can be implemented faster. “We are trying to make those changes today, rather than just putting all our efforts into future technology,” said Atak. He also introduced that blockchain-enabled technology would require banks all over the world to adopt the technology; on the other hand, many financial institutions have already on-boarded SWIFT.


Also he mentioned that Citi has not abandoned blockchain altogether. CitiConnect was created to enable the integration of clients’ blockchain-enabled systems.

Click here to join our Free Bitmex BOT & Crypto Signal Community

Click here to go back to our Bitmex-Bot Website

Wish you all the best, 
www.bitmex-bot.com

Today’s hot topic for discussion:

1. A Blockchain ETF Is Launching on the London Stock Exchange Today.

2. A $3 Trillion EOS Transaction Fools Whale Alert.

3. Samsung Pay Will Integrate Cryptocurrencies for 10 Million Users: Report.

4. Bitcoin News – Max Keiser: Bitcoin Will Say Goodbye to USD, Turning into World’s Next Reserve Currency.

5. Technical Comparison Between Zcash (Highly promising) and Bitcoin (The King).

6. Kakao’s Blockchain Arm Raises $90 Million in Private Token Sale.

7. Inside Ledger’s Secret Parisian Hacking Lab.

8. IBM, CUSO Cu Ledger Partner to Develop Blockchain Solutions for Global Credit Unions.

9. Peter Todd, Binance CEO, and TRON CEO on JPM Coin and Facebook Coin.

10. A Bitcoin Bull Market Is Still $350 Away.

 

Click here to join our Free Bitmex BOT & Crypto Signal Community

Click here to go back to our Bitmex-Bot Website

Wish you all the best, 
www.bitmex-bot.com

Word on JPM Coin and Facebook Coin by Peter Todd, Binance CEO, and TRON CEO

Peter Todd, a former Bitcoin Core developer and currently an applied cryptography consultant, Changpeng Zhano (“CZ” for short), Co-Founder and CEO of Binance, and Justin Sun, Founder and CEO of the TRON Foundation, put their views forth for new cryptocurrencies from J.P. Morgan and Facebook.


Todd when questioned about thoughts on Facebook CEO Mark Zuckerberg’s new focus on privacy, he replied that this was like being asked “What are your thoughts on letting Hannibal Lecter babysit your children?”. He then added:
“I’m sure some of his thoughts in there are genuine, and that’s after a long discussion with his lawyers on how to avoid jail time.”


Also he commented by saying, “I think with JPM Coin [and] ZuckCoin… what you’re not seeing is so much technical innovation, what you’re actually seeing is political and regulatory innovation, and why I say that is, I think, Bitcoin created the environment where the existence of coins’ sort of becomes accepted. It has to be accepted. You can’t really make it go away. With the tools regulators have available to them, they have been completely ineffective at stopping Bitcoin… which then creates opportunities for companies like JPM to take advantage of that political landscape and start trying to create their own coins.


But when you talk about creating their own coins, that’s just another iteration of things that have already been done many times over. The difference between JPM Coin and PayPal isn’t that big, and PayPal, when you look at the early history, very clearly wanted to create a coin, but they didn’t have the right political environment to do it, so they then called it a payment service, but the tech between PayPal and JPM Coin is roughly the same… What’s different is things like Bitcoin, which can exist in spite of regulatory pressure.”

 

Click here to join our Free Bitmex BOT & Crypto Signal Community

Click here to go back to our Bitmex-Bot Website

Wish you all the best, 
www.bitmex-bot.com

JPM Coin Got nothing on Ripple’s XRP says Binance Research.

The research study done by top crypto exchange Binance analyzed, JP Morgan Chase’s debut of stable coin, arguing that the digital coin brings “minimal direct competition” to Ripple’s XRP token in the near term.


JP Morgan Chase announced incoming launch of its new blockchain settlement offering: a stable coin dubbed JPM Coin, to be backed 1:1 by the bank’s USD reserves.


Binance Research suggests that JPM Coin “could make the institution the largest stable coin issuer on a blockchain measured by circulating supply and total market cap.”


The study continues, is likely to hold potential “precursor to the third generation of stable coins,” aiming the world of traditional finance and to serve particular purposes and business use cases with help of private blockchain-powered tokens.


While JPM Coin may have specific material impact in upgrading the cost and time efficiency of traditional financial services, its implications for the public stable coin market shortly be minimal:
“Large banks and financial institutions […] have a distinct set of advantages in issuing fiat-collateralize stable coins, but these offerings will not displace liquid, publicly traded stable coins in the near-term given their closed ecosystems built on private blockchains.”


Moreover, JPM Coin is unlikely to be tapped by competitors in the banking sectors, who may well release their own native crypto tokens in future as it is a proprietary and centralized network.


JP Morgan Chase CEO Jamie Dimon suggested that JPM Coin could gain consumer use and evolve beyond internal use cases.

Click here to join our Free Bitmex BOT & Crypto Signal Community

Click here to go back to our Bitmex-Bot Website

Wish you all the best, 
www.bitmex-bot.com

JP Morgan Strives to Launch Its Own Crypto coin.

United States banking giant JPMorgan Chase (JPM) is bringing its own Cryptocurrency in a U.S. banking first.


In a move commentator may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to boost settlement efficiency, within three of its operations.


Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, seemed buoyant on blockchain technology’s views at the bank.
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network:
“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”


JPM Coin mainly will focus on international settlements by major corporations, improvising to speed up transactions that currently take a day or more by using extant options such as SWIFT.


Elsewhere, treasury services and securities transactions are also in line to benefit, Farooq says the Cryptocurrency could spread further if successful.
Lump- sum amount of the total funds involved in the three areas would involve JPM Coin at first.“Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back,” he added.


The banking firm became bad influence among Cryptocurrency participants in mid-2017, when its CEO Jamie Dimon openly called Bitcoin a “fraud,” comments he later personally refuted to Cointelegraph at the World Economic Forum last year.

Click here to join our Free Bitmex BOT & Crypto Signal Community

Click here to go back to our Bitmex-Bot Website

Wish you all the best, 
www.bitmex-bot.com