#CryptoCorner: Bull Market Returns, JPM Chase (NYSE: $JPM) Adding Privacy Capabilities to #Crypto Payment System, Yahoo Japan-Owned Crypto Exchange to Launch May 30
#CryptoCorner: Bull Market Returns, JPM Chase (NYSE: $JPM) Adding
Privacy Capabilities to #Crypto Payment System, Yahoo Japan-Owned Crypto
Exchange to Launch May 30
Point Roberts WA, Delta BC, May 28, 2019
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Stocks discussed: (NYSE:JPM) (TYO:4689)
The crypto market
rocketed over $20 billion USD on Sunday, bringing total market capitalization
to more than $270 billion, where it is still sitting at press time, according
to data from CoinMarketCap. Bitcoin (BTC) is leading the
way, as usual, with a trading price of about $8,700 and a market cap of $154
billion. Following are Ether (ETH) and XRP, with market caps
of $28.6 and $17.8 billion, respectively.
According to a
report from Bloomberg, the past month
has been crypto’s best performing since 2017. The article quotes David Tawil,
president of crypto hedge fund ProChain Capital, who points out that the
greater adoption of crypto is a significant factor in the current bull run.
“The more merchants that accept crypto encourages more
people to adopt it and use it. That’s major.”
CoinDesk reports that
JPMorgan Chase (NYSE:JPM) has included
additional privacy capabilities for the company’s Zether Protocol. Zether is described as “a
fully-decentralized, confidential payment mechanism that is compatible with Ethereum
and other smart contract platforms”. Oli Harris, JPMorgan’s head of Quorum and
crypto-assets strategy, told CoinDesk:
“In the basic Zether, the account balances and the
transfer accounts are concealed but the participants’ identities are not. So we
have solved that. In our implementation, we provide a proof protocol for the
anonymous extension in which the sender may hide herself and the transactions
recipients in a larger group of parties.”
Cointelegraph reports that
Taotao, a Japanese crypto exchange which is 40 percent-owned by Yahoo Japan (TYO:4689), will launch on
May 30. Initial trading of Bitcoin and Ethereum will be available, with more
cryptos to follow.
The government of
South Korea has held a meeting to address the recent surge in the crypto
market, according to local outlet KBS
World Radio.
The article explains that authorities will monitor the situation and take
action if necessary.
The participants, including officials from the Ministry
of Economy and Finance, the Justice Ministry and the Financial Services
Commission, vowed to closely monitor local cryptocurrency exchanges and take
action to minimize the ramifications on investors should the market rapidly
overheat.
They also plan to take stern action on potential fraud
by working with law enforcement authorities and the financial watchdog.
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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