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FTX CEO Bankman-Fried is okay with being called the ‘JP Morgan of crypto’ (www.blockcast.cc)

Sam Bankman-Fried, the CEO and co-founder of major crypto exchange platform FTX, says he doesn’t mind being referred to as the “JP Morgan of crypto” for his role in bailing out other crypto companies. During a recent interview with Bloomberg, Bankman-Fried also talked about where his company got funds to complete deals amid a crypto […]

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JP Morgan, the largest US bank, opens an official branch in Decentraland (www.blockcast.cc)

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Bitcoin: JP Morgan readjusts long-term target to $150k, but ‘fair-value’ is set at.. (www.blockcast.cc)

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Here’s why JP Morgan analysts recommend Ethereum over Bitcoin (www.blockcast.cc)

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JP Morgan “Bitcoin market is at the beginning of the healing process… Difficult situation in the short term” (www.blockcast.cc)

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JP Morgan CEO: Steer Clear of Crypto, But I Can’t Tell You How To Spend Your Money (www.blockcast.cc)

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JP Morgan, who was fiercely opposed to cryptocurrency, also entered the cryptocurrency market (www.blockcast.cc)

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JP Morgan, a listed company related to cryptocurrency ‘stock-linked products’ Coming soon (www.blockcast.cc)

[Blockchain Today Reporter Park Yohan] According to the investment prospectus submitted by JPMorgan Chase to the US Securities and Exchange Commission (SEC), the company plans to launch a’basket’ product linked to the stocks of listed companies focusing on cryptocurrency to investors, Cointelegraph Reported.

This product will allocate 20% to MicroStrategy, a data analytics company that holds 91,064 BTC, and Square (18%), Riot Blockchain (15%), NVIDIA (15%), PayPal (10%), etc. It plans to invest in 11 corporate securities. Advanced Micro Devices, a Taiwanese semiconductor company, InterContinental Exchange, CME Group, Overstock.com and Silvergate Capital are also included in the basket.

JPMorgan said at a business briefing that “the weight of the reference stock was determined based on the exposure of bitcoin and the correlation between bitcoin and liquidity,” and that the dividend is determined according to how the company’s basket is carried out. The minimum investment amount is $1,000, and the maturity date is May 2022.

This new product is one of the many ways institutional investors can access the burgeoning cryptocurrency market. The fact that Wall Street already uses digital currencies explains the high price Bitcoin is based on. According to TradingView, digital currencies of up to $54,888 were traded on the 9th.

Looking at the recently launched Purpose Bitcoin trading fund, existing investors appear to have a strong desire for digital assets. The Canadian ETF recorded nearly $100 million in its first debut earlier this month, with assets expected to exceed $1 billion after the first week.

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State Bank of India joins JP Morgan to use its blockchain-based payment network (www.blockcast.cc)

The State Bank of India (SBI) has joined hands with JP Morgan in a deal that will see it use the US bank’s blockchain-powered payment network, Liink. A report unveiled this news on February 23, citing sources familiar with the matter. Reportedly, this collaboration will help SBI’s customers execute transactions rapidly and at reduced costs. 

According to the report, SBI’s clients currently have to wait up to two weeks to complete cross-border transactions. However, with this partnership, Liink will reduce the time taken to resolve a cross-border transaction to a few hours. In so doing, the network will help cross-border payments reach their beneficiaries swiftly and with few steps as compared to the current setup.

Eyeing global expansion 

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According to a JP Morgan spokesperson, this partnership is part of the bank’s broader goal of exposing Liink to widespread adoption. At the moment, the blockchain-based network, which users can leverage to make secure as well as peer-to-peer data transfers with greater speed and control, has more than 100 international banks. Reportedly, the bank is also holding discussions with other leading government and private lenders to let them onboard Liink. 

To increase overall customer satisfaction, JP Morgan upgraded the Liink network such that banks will be able to pre-validate accounts before making payments. Additionally, they can check message formatting to ensure compliance with the regulations on beneficiary jurisdictions. In so doing, the network helps minimize transaction rejection and fraud.

This news comes as more banks across the globe continue shifting to blockchain-based remittance systems. Pointing out the force behind this revolution, Nitin Sharma, partner at Antler Global and previously the founder of Incrypt Blockchain said, 

The World Bank confirmed that bank-led remittances cost an average of 10% globally, which is really high. Projects like Ripple or various bank consortia have argued that a distributed ledger (or a new blockchain) shared between banks directly removes the need for correspondent banking and can thus reinvent cross-border remittances or trade cash flows for the new age.

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Bitcoin is an economic sideshow, poorest hedge, according to JP Morgan analysts (www.blockcast.cc)

According to analysts at JP Morgan, the world’s largest digit asset is an economic sideshow in comparison with the boom in innovation in the fintech market. Adding to their bearish view, the analysts further said that Bitcoin is the “poorest hedge for major drawdowns in equities.” They also believed that the investment diversification to include crypto assets was “questionable.” 

The analysts elaborated in a memo reported by Reuters that stated: 

Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed.

While stating that Bitcoin is actually an “economic side show,” these analysts were of the opinion that the growth of financial tech companies was “the real financial transformational story of the COVID-19 era.”

Meanwhile, in yet another milestone for the asset, Bitcoin’s market cap reached $1 trillion, as the price was rallying to targets above $55,000. 

Despite its bull run, many in the sector remain skeptical about Bitcoin since they believe that asset is still extremely volatile in terms of using it as an investment.

At the same time, some argue that the asset faces competition with gold as an ‘alternative’ currency. This argument is more likely to continue as millennials give more preference for “digital gold’ over traditional gold.” Bitcoin would need to rise to $146,000 in the long-term for its market cap to equal total private-sector investment in gold. 

The memo comes after JP Morgan analysts earlier cautioned investors that at Bitcoin’s current high price in the $50,000 plus range, the asset will be unsustainable until volatility declines from here on. 

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