Fun

JPMorgan Foresees Increased Blockchain Use in Finance — Prepares to Offer Related Services

News Feed - 2022-05-27 11:05:22

JPMorgan Foresees Increased Blockchain Use in Finance — Prepares to Offer Related Services


JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.” JPMorgan’s Blockchain Plans


JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday.


The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as collateral and trade outside of market operating hours. The first such transaction took place on May 20.


Ben Challice, JPMorgan’s global head of trading services, was quoted as saying: What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis.


In addition to derivatives trading, repo trading, and securities lending, JPMorgan said it plans to expand tokenized collaterals to include equities, fixed income, and other asset types.


Tyrone Lobban, head of JPMorgan’s Blockchain Launch and Onyx Digital Assets, explained that over time the bank’s blockchain could potentially be a bridge connecting institutional investors with decentralized finance (defi) platforms in the crypto economy.


He continued that as the crypto sector grows: There will be a growing set of financial activities that happen on the public blockchain, so we want to make sure that we are able to not only support that but also be ready to provide related services.


In February, JP Morgan opened an “Onyx by J.P. Morgan” lounge in the metaverse. The bank estimated the metaverse to be “a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.”


JPMorgan CEO Jamie Dimon, while skeptical of bitcoin and crypto, is bullish about blockchain. He said in April: “Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”


This week, JPMorgan’s strategists published a bullish report on bitcoin and cryptocurrency, stating that there is “significant upside” to the price of BTC. The bank has also replaced real estate with cryptocurrencies as its “preferred alternative asset class.” Tags in this story Blackrock, collateral settlements, JP Morgan, jpmorgan bitcoin, JPMorgan blockchain, jpmorgan blockchain plans, jpmorgan crypto, jpmorgan cryptocurrency, Onyx, public blockchain


What do you think about JPMorgan’s blockchain plans? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Swiss VC Launches African Blockchain Early Stage Fund BLOCKCHAIN | 3 days ago Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion BLOCKCHAIN | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Drops the Ball on Crypto Regulation and There Are Long-Term Consequences, Says Commissioner Next articleAfter Defaulting Sri Lanka Plans to Print $2.8 Billion Worth of Rupees, Inflation Rate Expected to Top 40% 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 More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Bitcoin fees crash after record daily average of $128 on halving day
Brayden Lindrea7 hours agoBitcoin fees crash after record daily average of $128 on halving dayThe surge in block fees on the halving day was more than making up for the halved block subsidy miners were hit with — but t
Iranian Association Calls for Stable Crypto Regulation as Government Plans Widespread Use of Crypto in Foreign Trade
Iranian Association Calls for Stable Crypto Regulation as Government Plans Widespread Use of Crypto in Foreign Trade Iran’s association of importers has stressed the need fo
Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz
Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz The AI-generated avatar creation cross-platform for the metaverse, Ready Player Me, has
Circle Launches USD Coin on the Stellar Network
Circle Launches USD Coin on the Stellar Network Circle and the Stellar Development Foundation (SDF) announced that the second-biggest stablecoin is now available
Tether’s USDT stablecoin hits historic $100B market cap
Jesse Coghlan1 hour agoTether’s USDT stablecoin hits historic $100B market capThe largest stablecoin by market capitalization has gotten even larger, with Tether hitting a record $100 billion market cap.1713 Total view
Mozilla to Reinstate Crypto Donations — Organization Will Not Accept Proof-of-Work Cryptocurrencies
Mozilla to Reinstate Crypto Donations — Organization Will Not Accept Proof-of-Work Cryptocurrencies During the first week of January, the software community Mozilla revealed it w
Ether could outperform Bitcoin after spot ETF launch: Kaiko
Vince Quill2 hours agoEther could outperform Bitcoin after spot ETF launch: KaikoAccording to Bloomberg analyst Eric Balchunas, the highly-anticipated Ethereum ETFs could launch in the United States by July 23.1787 Total
Bitcoin bank proposal gains momentum in El Salvador
Ciaran Lyons8 hours agoBitcoin bank proposal gains momentum in El SalvadorThe Bank for Private Investment will “diversify the financing options” available to investors in both Dollars and Bitcoin.2438 Total views7 To
Beetlejuice Gets 1-of-1 NFT: Exclusive One-and-Only NFT of Pop Culture Icon Is Now Being Auctioned on Goldin
Beetlejuice Gets 1-of-1 NFT: Exclusive One-and-Only NFT of Pop Culture Icon Is Now Being Auctioned on Goldin press release PRESS RELEASE. Lester Green, known to millions of fans as
Ciaran Lyons21 hours agoTerra interim CEO says any ‘little progress’ made gets derailed by accusationsTerraform Labs recently appointed CEO, Chris Amani, held a Twitter Spaces to separate the operations of Terraform
Savannah Fortis1 hour agoGoogle makes AI disclosure mandatory in political campaign adsGoogle updated its political content policy to take effect starting November 2023, which will mandate disclosure of all AI-generated
Bitcoin Network Activity In Bear Market Zone—Warning Or Opportunity?
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