The United States’ largest bank faced fresh ridicule from Bitcoin (BTC) circles this week after prosecutors said traders had conducted more market fraud. As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders. JPMorgan performed “thousands” of illegal moves According to investigators, the employees willfully engaged in price-fixing of precious metals on thousands of occasions. Both market participants and JPMorgan’s own clients suffered losses as a result, they claim. “Based on the fact that it was conduct that was widespread on the desk, it was engaged in …

Germany’s largest bank, Deutsche Bank, has joined JPMorgan’s blockchain-based network, the Interbank Information Network (IIN). Two years in operation Launched as a pilot in 2017, the JPMorgan-led blockchain initiative now has a network of 320 banks that have entered the platform to swap global payments data using the Ethereum network, the Financial Times reported on Sept. 15. Takis Georgakopoulos, head of payments at JPMorgan, expressed hope that Deutsche Bank will be the first of several other large banks to join IIN. According to the report, Deutsche Bank is the world’s biggest clearer of euro-denominated payments. IIN will enable Deutsche Bank …

Hybrid blockchain solutions startup Kadena has updated its enterprise blockchain platform on the Microsoft Azure Marketplace. On Aug. 27, Kadena announced that its new product called Kadena Scalable Permissioned Blockchain is available on Azure Marketplace for free. Blockchain scalability ambitions Founded by former blockchain experts at United States banking giant JPMorgan, Kadena first released its permissioned blockchain on the Amazon Web Services Marketplace in January 2019. At the time, company co-founder Stuart Popejoy said that existing versions of private blockchains were inadequate due to low scalability. Kadena also claimed that two Fortune 100 firms in the health and insurance industry …

The growing popularity of cryptocurrency has led to a revolution in the digital currency industry. Enterprises that were of noncrypto origin now have or plan to have their own crypto product. The 10 years of cryptocurrency’s existence has led to an unprecedented ease of transactions. It has also brought transparency into the e-commerce world. This article discusses 10 of the biggest enterprises in the world, without a cryptocurrency background, that have already created or are in the process of investing resources to develop a digital currency they can call their own. 1. Facebook Facebook is reportedly completing efforts to release …

Blockchain development company Truffle has unveiled plans to expand its fully managed developer suite to include support for the blockchain protocols Corda, Hyperledger Fabric and Tezos. Truffle founder and CEO Tim Coulter announced the company’s plans at TruffleCon 2019 — Truffle’s annual dev conference — on Microsoft’s campus in Redmond, Washington. Coulter commented on how he thinks these tools will pave the way for collaboration via interoperability, saying: “We are empowering developers to build enterprise-grade solutions on any network of their choosing, creating a path for future cross-network collaboration.” According to a press release shared with Cointelegraph, the Truffle Suite …

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future. As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.” Dimon continued saying that any new effort will have to comply with …

Since the beginning of 2018, rumors and then news about some large players entering the blockchain industry mesmerized the crypto community. Presently, the projects promoted by JPMorgan Chase, Facebook and Telegram are at the testnet level, but the companies have disclosed more accurate information about them. The differences among the three projects are enormous — their aims, business models, technology, etc. Some similarities exist, nevertheless. However, with diversified feelings toward these projects, the community pointed out the challenges that they have introduced to the industry. This time, the proposal for a new cryptocurrency is not coming from an adventurous startup …

The increased penetration of cryptocurrency in the digital payment arena appears to be affecting the landscape of cross-border remittances. Financial institutions and other mainstream establishments are now jostling with blockchain startups for control over an industry that could possibly experience massive growth over the next few years. With more participants comes greater competition and an emphasis on creating the most robust operating technology. To achieve this aim, some players are leveraging their status as giants of their respective mainstream fields while others are pursuing partnerships and collaborations. For historically unbanked and underbanked areas of the world, the emerging landscape is …

JPMorgan Chase CEO Jamie Dimon said that he does not think that cryptocurrency projects pose an existential threat to JPMorgan's core business. During an interview with Yahoo Finance on June 27, Dimon discussed crypto’s potential impact on the existing banking system: "We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real time p2p, and TCH, the clearancing house, with the banking system built real time payments. We already have all that." Dimon further stressed that all transactions are conducted in compliance with Know Your …

Goldman Sachs is performing “extensive research” on tokenization, the group’s chief executive told France’s Les Echos newspaper on June 27. David Solomon said he believes global payment systems are heading in the direction of stablecoins — cryptocurrencies pegged to fiat assets such as the U.S. dollar. Although he stopped short of confirming whether Goldman Sachs has had discussions with Facebook about its upcoming libra cryptocurrency and Calibra wallet, Solomon said his corporation finds the concept “interesting.” When asked whether Goldman Sachs will follow JPMorgan Chase in launching its own virtual currency, Solomon said: “Assume that all major financial institutions around …

The United States' largest bank, JPMorgan Chase (JPM), is expecting to pilot its own cryptocurrency JPM Coin by the end of 2019, according to a Bloomberg report on June 25. Umar Farooq, head of digital treasury services and blockchain at JPMorgan, has revealed the company’s intention to launch pilot testing of JPM Coin with selected clients “around the end of the year” in case if relevant regulators approve the bank to do so. According to Farooq, JPMorgan has seen an increased interest from global customers in the potential benefits of the bank’s stablecoin project JPM Coin revealed in mid-February 2019. …

The Chicago Mercantile Exchange (CME) Group has released data showing that open interest in Bitcoin futures is rising, as per an official Twitter post on June 18. Interest in BTC futures over time: https://twitter.com/CMEGroup/status/1141015074062110721 According to CME, bitcoin (BTC) open interest spiked on June 17 with an all-time high of 5,311 contracts totalling 26,555 BTC, or approximately $246 million at press time. Futures are standardized contracts that bind a party to buying or selling some asset at a predetermined date. Notably, the CME group also remarked in the Twitter post that BTC futures appears to be gaining popularity with institutional …