#CryptoCorner Episode 469: JPMorgan Using JPM (NYSE: $JPM) Coin and Launches Onyx, Overstock’s (NASDAQ: $OSTK) Medici Ventures Invests $8 Million in Bitt
#CryptoCorner Episode 469: JPMorgan Using JPM (NYSE: $JPM) Coin and Launches Onyx, Overstock’s (NASDAQ: $OSTK) Medici Ventures Invests $8 Million in Bitt
Point Roberts, WA, Delta BC October 28, 2020 - 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 cryptocurrency stocks and the crypto market.
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Stocks discussed: (NYSE:JPM) ( NASDAQ:OSTK)
Bitcoin (BTC) has taken a big tumble this morning after
having reached a 2020 high just yesterday. According to data from CoinMarketCap,
Bitcoin was trading for as much as about $13,830 on Tuesday but has fallen to
around $13,080 at press time. It remains to be seen if this is merely a
temporary correction as a result of possible overbuying, or whether it's an
actual reversal in Bitcoin’s recent bull trend.
CNBC reports that JPM Coin, the digital
currency created by JPMorgan (NYSE:JPM), is “being used commercially for the
first time this week by a large technology client to send payments around the
world.” According to the banking giant’s global head of wholesale payments,
Takis Georgakopoulos, this has prompted JPMorgan to create a new business
called Onyx, which will house its blockchain and digital currency efforts. He
said:
“We are launching Onyx because we believe we are
shifting to a period of commercialization of those technologies, moving from
research and development to something that can become a real business.”
Medici Ventures,
the wholly-owned blockchain subsidiary of Overstock (NasdaqGS:OSTK), has made an $8 million equity purchase in Barbados-based digital finance
infrastructure provider Bitt. Overstock CEO and Medici Ventures President
Jonathan Johnson, explained:
“We are strong believers in what Bitt is doing, and
remain committed to supporting its forward-thinking vision, which aligns with
Medici Ventures’ mission of democratizing capital, eliminating middlemen, and
re-humanizing commerce. Bitt’s pioneering work in the central bank digital
currency space promotes social inclusion, financial empowerment, and economic
growth. It is the perfect use case for blockchain technology to fundamentally
change the way in which we transact, and fundamentally change how societies
function.”
Bitt CEO Brian
Popelka, commented:
“Medici Ventures has been an ideal partner for Bitt, providing
us with strong support and consistently believing in the mission of the
company. This equity purchase will allow Bitt to continue to innovate and
expand in the digital currency space, as global adoption of central bank
digital currencies continues to garner global interest. Our goal is to empower
those who have been disenfranchised by the financial system by providing
improved payment options, which is especially important as we navigate through
a global pandemic.”
Sam Mowers, Investorideas
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