Jamie Dimon, JPMorgan Chase CEO, said that the new cryptocurrency that will be issued by the company could have a consumer use one day according to CNBC reports yesterday so we decided to look into it some more in today’s digital currency news.
During a QA session, Dimon stated that the JPM Coin could be internal or commercial and can have a consumer use one day. The coin will also have use for retail payments.
The United States banking giant announced their plans to issue their own cryptocurrency in order to increase the settlement efficiency and will also focus mostly on international settlements by major corporations to speed up transactions that currently take up to a day to be executed.
JPM Coin has found both the opponents and supporters in the crypto community. For example, CEO of crypto wallet Abra Bill Barhydt suggested that the coin misrepresented their entire initiative and that seems more as a ledger meant for settling trades rather than a coin. He also pointed out that it JPM Coin is really a private coin and a private blockchain, then it is a waste of time.
Brad Garlingouse, Ripple’s CEO also says that the coin ‘’misses the point’’ of cryptocurrency and despite the fact that banks are hooking on crypto, the JPM project misses the point.
On the other hand, Reddit co-founder Alexis Ohanian argued that the issuance of the coin is just a good indicator that there is real innovation happening in the crypto space. Some are saying that the release of the JPM Coin could be a great thing, while others believe that it is another scam.
General Manager Of BIS Says Banks Should Not Issue Their Own CBDC
‘’There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system. Central banks do not put a brake on innovations just for the sake of it, but neither should they speed ahead disregarding all traffic conditions.’’Banks and other financial institutions shouldn’t keep up with the technology of this kind because not every trend in the monetary space is good for the financial system and that they should be wary of hurting the functionality of the entire system. He keeps using the term ‘’financial panic’’ claiming that by issuing central bank-issued digital currency or CBDC, people would move out their money to commercial banks and this could lead to taking down the interest rates which could potentially harm the liquidity of the market. The general manager didn’t get much support from other bank executives. Multiple banks have already chosen to issue their own digital currencies or at least have plans to do so. For example, the Bank of England revealed they are considering the issuance of a new digital currency that will work similarly to Bitcoin. Also, IBM joined with Stellar and they introduced the Blockchain World Wire which is a project that guarantees banks the ability to issue their own stablecoins in the near future.
USDT-TRON Stablecoin Is Going To Be Listed On OKEx
OKEx Lists USDT-Tron As 4th Largest Bitcoin ExchangeStanding as fourth largest Bitcoin exchange by adjusted volume, OKEx has recently announced:
In order to meet users’ demand for stablecoin trading, OKEx will support USDT-TRON, the TRC-20 based USDT token co-developed by TRON and Tether, as well as the airdrop for USDT-TRON holders. By then, OKEx will support three protocols of USDT, namely USDT-Omni, USDT-ERC20, and USDT-TRON. Please stay tuned for our further announcements.What's important is the fact that centralized exchanges are not the real beneficiary of USDT-Tron right now. However, the majority of the Tron tokens trade on decentralized exchanges which run on the Tron blockchain. TRX itself has some stablecoin markets including Binance. As soon as USDT-Tron is live, the liquidity of the Tron economy will reshape and every token will have a price in both TRX and fiat. It will be similar to ERC-20 assets and their price in fiat - in fact fiat and demand have their own way of dictating the actual value of the tokens.
The Real Benefit OF USDT-TRXUSDT-TRON is currently great for TRX tokens. Since Tether (USDT) is the oldest pegged stablecoin, it has some authority on the market. The real question right now, however, is who will be next to cross the blockchain barriers since most of the stablecoins are only available on Ethereum. Among the other blockchains that could use the liquidity boost are EOS, NEO, Cardano, Aelf and Tezos. Any of these could benefit from the ability to quickly trade into a stablecoin without having to go through a centralized exchange, which is the real benefit of the USDT-TRX move. To sum things up, Tron and EOS are not far behind Ethereum in terms of the developer ecosystem. In fact, their userbases outpace Ethereum in terms of growth. However, in terms of liquidity and financial markets, Ethereum is the most dominant smart contract platform. All in all, the move to create a Tether stablecoin on TRX its a major leap forward for Tron.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
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