#CryptoCorner: Bakkt Launches Institutional Custody, Singapore’s Central Bank Develops #Blockchain-Based Prototype for Multi-Currency Payments with JPMorgan and Tencent Acquires HK License for Virtual Bank
#CryptoCorner: Bakkt
Launches Institutional Custody, Singapore’s Central Bank Develops #Blockchain-Based
Prototype for Multi-Currency Payments with JPMorgan and Tencent Acquires HK
License for Virtual Bank
Stocks discussed:
(NYSE: $ICE) (TSXV: $GLXY.V) (NYSE: $JPM) (OTC: $TCEHY)
Point Roberts, WA, Delta BC November 11,
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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Stocks discussed: (NYSE:ICE) (TSXV:GLXY) (NYSE:JPM)
(OTC:TCEHY)
Chinese state-run
media outlet Xinhua
Daily
today published an article about Bitcoin (BTC), lauding the
cryptocurrency as “the first successful application of blockchain technology”.
This, coupled with Chinese President Xi Jinping’s recent endorsement of
blockchain technology, represents a considerable development from the country’s
blanket ban on crypto exchanges and ICOs just two years ago. The article itself
is mostly devoted to explaining how Bitcoin and blockchain works, but warns of
crypto’s price fluctuations and that “currently, the most important uses of
bitcoin payments are black market transactions and "dark net"
transactions”.
Bakkt, the
crypto-focussed subsidiary of Intercontinental Exchange (NYSE:ICE), announced an
institutional custody service via blog
post
today. Until now, the Bakkt Warehouse only provided custody services for
clients trading Bakkt Bitcoin Futures contracts. Institutional clients that
have already signed on include Pantera Capital, Tagomi and Galaxy Digital (TSXV:GLXY). Bakkt COO Adam
White wrote:
“At Bakkt, we’re committed to expanding access to the
global economy by building trust in and unlocking the value of digital assets.
The secure custody of digital assets is the foundation of that mission and our
solutions for customers. Whether it’s creating the first regulated market for
the price discovery of bitcoin, or developing platforms that allow merchants
and consumers to seamlessly interact using digital assets, custody is at the
core of everything we do.”
A press
release
today reveals that the Monetary Authority of Singapore (MAS) has developed a
blockchain-based prototype for multi-currency payments in collaboration with
JPMorgan (NYSE:JPM) and Temasek.
According to the press release, this development “marks the latest milestone
for Project Ubin which is into its fifth phase”. Project Ubin is described as
“a collaborative project with the industry to explore the use of Blockchain and
Distributed Ledger Technology (DLT) for clearing and settlement of payments and
securities”. John Hunter, Global Head of Clearing and Interbank Information
Network (IIN), J.P. Morgan, said:
“J.P. Morgan is excited to be an infrastructure partner
of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings
from building the Interbank Information Network (IIN) and the JPM Coin, J.P.
Morgan is well-positioned to support the development of a blockchain-based
payments network and operate at scale.”
Chinese internet
giant Tencent (OTC:TCEHY) has acquired a
Hong Kong license to develop a blockchain-based virtual bank, according to a
report from Sina
Finance.
This was revealed on November 8 at the World Blockchain Conference held in
Wuzhen, by Cai Weige, general manager of the blockchain business in Tencent.
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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