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Friday, September 20, 2019

#CryptoCorner: CME Group (NASDAQ: $CME) to Launch #Bitcoin Options, Wells Fargo #Crypto “Faster” Than SWIFT?, OCBC Joins JPMorgan’s (NYSE: $JPM) IIN



#CryptoCorner: CME Group (NASDAQ: $CME) to Launch #Bitcoin Options, Wells Fargo #Crypto “Faster” Than SWIFT?, OCBC Joins JPMorgan’s (NYSE: $JPM) IIN



Point Roberts, WA, Delta BC September 20, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.




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September 20 Crypto Corner

Stocks discussed: (NasdaqGS:CME) (NYSE:JPM) (SGX:O39) (NasdaqGS:FB)

Derivatives marketplace CME Group (NasdaqGS:CME) will launch options on its Bitcoin (BTC) futures contracts in Q1 2020, pending regulatory review, according to a press release today. Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products, explained:

"Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk. These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment."

Wells Fargo Digital Cash, the banking giant’s recently-announced cryptocurrency, is faster and better than SWIFT, according to the head of the company’s Innovation Group Lisa Frazier in a statement to CoinDesk.

“When we move money across the world and we need to exchange currencies, we have to go through third parties such as SWIFT and other banks. That’s a long process and every time there’s a connection with external parties, it takes time and energy and effort.”
“It’s faster than SWIFT, cheaper and definitely more efficient.”

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a financial institution messaging network used by over 11,000 organizations around the world.

The Business Times reports that JPMorgan (NYSE:JPM) has secured OCBC (SGX:O39) as the first Singapore-based bank to join its interbank information network (IIN) blockchain initiative. John Hunter, global head of clearing for JPMorgan Chase, commented:

“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry.”

“In just one year, we’ve seen IIN scale as well as expand in terms of role and capabilities – and we are excited at the growth to come.”

A memorandum published yesterday reveals that the U.S. House of Representatives Committee on Financial Services, has scheduled a hearing for September 24 with the Securities and Exchanges Commission (SEC) entitled: Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat. One of the main topics of discussion for the hearing will be cryptocurrency, with focus on Facebook’s (NasdaqGS:FB) Libra. An excerpt reads:

The Libra Investment Token could amount to a security since it is intended to be sold to investors to fund startup costs and would provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear if investors would have a “reasonable expectation of profits.” However, the offer of Libra could be integrated into the offering of the Libra Investment Token, thereby deeming both securities. 24 Like ETFs, Libra would be redeemable by certain authorized resellers and bought and sold in the open market.

Sam Mowers, Investorideas

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