Fun

JPMorgan Praises Bitcoin Then Pushes JPM Coin, Sets Up Dedicated Crypto Unit

News Feed - 2020-10-29 01:10:45

JPMorgan Praises Bitcoin Then Pushes JPM Coin, Sets Up Dedicated Crypto Unit


After JPMorgan analysts praised bitcoin, saying that the price of the cryptocurrency could triple, JPMorgan reveals that it has set up a dedicated crypto unit and its own cryptocurrency is now being used commercially by a large tech company for the first time. JPMorgan’s Crypto Now Used Commercially


Global investment bank and financial services company JPMorgan Chase has set up a dedicated crypto business unit called Onyx with more than 100 staffers, CNBC reported Tuesday.


JPMorgan’s announcement came after a team of analysts at the firm’s Global Markets Strategy group touted bitcoin as an alternative investment to gold among millennials, suggesting that bitcoin’s price may be “doubling or tripling” if current trends continue. Their comments followed an announcement by Paypal that the company will support cryptocurrencies, including bitcoin.


Takis Georgakopoulos, JPMorgan’s global head of wholesale payments, explained that JPMorgan’s own cryptocurrency, the JPM Coin, is being used commercially for the first time this week by a large, unnamed technology client to send payments around the world. He added that other clients are being on-boarded.


Georgakopoulos further detailed that the bank is focused on improving wholesale payments, specifically in areas where a better solution could save the industry hundreds of millions of dollars. CNBC noted that as one of the largest players in this industry, JPMorgan moves more than $6 trillion a day across more than 100 countries.




According to JPMorgan’s website, “The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients” and “A JPM Coin always has a value equivalent to one U.S. dollar.” In addition, “The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms.”


What do you think about JPMorgan’s crypto strategy? Let us know in the comments section below. 5,000 Bitcoin ATMs Add Cash-Out Option: Libertyx Sees Strong Adoption NEWS | 4 hours ago Trump"s Website Hacked, Scam Asked Crypto Owners to Decide Fate of "Classified Information" NEWS | 12 hours ago Tags in this story JP Morgan, jpm crypto, jpm cryptocurrency, jpmorgan bitcoin, jpmorgan coin, jpmorgan crypto, jpmorgan cryptocurrency, jpmorgan stablecoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Helen Partz13 hours agoSouth Korea passes cryptocurrency bill to tackle unfair tradingSouth Korea’s crypto bill aims to establish a basis for imposing penalties and liability for damages caused by unfair cryptocurrency
Derek Andersen22 minutes agoUS House Republican committees introduce joint digital assets billThe House Agriculture and Financial Services Committees have been working together all year on a bill to rival Lummis and Gill
Justin Sun offers to buy German gov’t’s $2.3B Bitcoin stack to minimize market impact
Zoltan Vardai11 hours agoJustin Sun offers to buy German gov’t’s $2.3B Bitcoin stack to minimize market impactThe government-linked wallet has been steadily selling its holdings, threatening to create continued Bitco
Harris campaign aims to repair Democratic Party ties with crypto sector
Amaka Nwaokocha12 hours agoHarris campaign aims to repair Democratic Party ties with crypto sectorAs the 2024 election approaches, the interplay between political strategies and industry dynamics will continue to evolve.
13 Years Ago Today, Satoshi Nakamoto Published the First Forum Post Introducing Bitcoin
13 Years Ago Today, Satoshi Nakamoto Published the First Forum Post Introducing Bitcoin 13 years ago today, the creator of the Bitcoin network, Satoshi Nakamoto published the inven
Former Nintendo President States Gaming Companies Are Marching to the Metaverse
Former Nintendo President States Gaming Companies Are Marching to the Metaverse Former Nintendo of America President, Reggie Fils-Aimé, believes that the gaming industry is st
Bitcoin analysts converge on a breakout in September — But is $86K possible?
Zoltan Vardai9 hours agoBitcoin analysts converge on a breakout in September — But is $86K possible?Bitcoin could see a breakout to new all-time highs as soon as next month, but BTC must first tackle significant resist
Turner Wright4 hours agoFormer Celsius exec pleads guilty to criminal chargesRoni Cohen-Pavon, Celsius’ former chief revenue officer, has pleaded guilty to four criminal charges and will be free on bail until a Dec. 11
Solana Price Bounces Off Critical Support Level — Is $2,000 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Turner Wright17 hours agoBlockFi opens crypto withdrawals for eligible US users following court orderThe lending platform halted client withdrawals amid filing for bankruptcy in November 2022 but later petitioned the cou
A Million-Dollar Bitcoin Bet, Financial Crisis Warnings Abound, and Ordinal Inscriptions Surpass 500,000 — Week in Review
A Million-Dollar Bitcoin Bet, Financial Crisis Warnings Abound, and Ordinal Inscriptions Surpass 500,000 — Week in Review Venture capitalist Balaji Srinivasan says hyperinflation
Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues
Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues Roughly two weeks ago a report from the Financial Times (FT) claimed Genesis Global Capital