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JP Morgan’s Singapore blockchain payment network ready for roll-out

Five years in the making, JP Morgan and Temasek’s Project Ubin multi-currency network is ready for its commercialized rollout.



Project Ubin, a blockchain-based multi-currency payments network created by the Monetary Authority of Singapore (MAS), JP Morgan, and state-investor Temasek, is ready for a commercial roll-out following the successful implementation of its prototype.

A Reuters report from July 13 confirmed the success of the prototype multi-currency blockchain, dubbed. In a joint press release, the MAS and Temasek said:

“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels.”

Testing Project Ubin

The next step in the years-long project, dubbed “Project Ubin”, could see the blockchain tested within commercial environments. According to the press release, possible commercial use-cases include cross-border payments using multiple currencies, settlement of foreign currency securities, and foreign currency exchange.

Temasek’s deputy CEO, Chia Song Hwee added, in a statement released later the same day:

“We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.”

MAS and Temasek said they will also attempt to spur cryptocurrency and blockchain industry development by releasing some of Project Ubin’s technical specifications to the public, under an open-source license.

According to a report by Bloomberg on July 13, Project Ubin has been put to the test in various commercial areas already. The report notes that the prototype was used to provide salary payments to employees of Adecco Group AG—a recruitment agency. The blockchain was apparently also used to distribute digital dividend payments in Swiss francs to Singaporean investors through Sygnum Bank AG.

Project Ubin has been in development since 2016. The successful implementation of the prototype brings an end to phase five of the multi-phase project. Over 40 financial and non-financial firms engaged with the blockchain on some level during testing, according to the Monetary Authority of Singapore.


Bitcoin Technical Analysis: BTC Renews The Uptrend As $15,000 Beckons




  • Bitcoin bulls build upon the support at $13,000 and restart the journey eying $14,000 and $15,000.
  • The path with the least resistance is upwards as highlighted by the golden cross and the MACD.

Bitcoin retreated to the support at $13,000 where more demand was created by investors joining the market in anticipation of a rally to $15,000. Seller congestion at $13,300 and $13,500 gave bulls a hard time but the flagship cryptocurrency finally made it through to trade at $13,610 at writing.



The daily chart clearly shows that the path with the least hurdles is upwards, especially with the Moving Average Convergence Divergence (MACD) moving higher in the positive territory. Besides, a bullish divergence above the MACD emphasizes that buyers have the upper hand.

Simultaneously, the 50 Simple Moving Average (SMA) has brought to light another golden cross while crossing above the longer-term 100 SMA. Also, the Relative Strength Index (RSI) stresses the bulls’ position after bouncing off the midline.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Glancing upwards, Bitcoin is likely to extend the leg to $14,000. However, it is essential to keep in mind that the price could be rejected at the June 2019’s high. On the brighter side, if the flagship cryptocurrency pierces through the seller congestion at $14,000, a rally to $15,000 may come into the picture.

It is worth mentioning that another reversal to $13,000 may gain enough momentum to overshoot the support, culminating in losses to $12,000. Note that, the 50 SMA and the 100 SMA will cushion the bellwether cryptocurrency from diving below $11,000. If push comes to shove and losses become unstoppable, the 200-day SMA will come in handy.



Bitcoin Intraday Levels

Spot rate: $13,572

Relative change: 116

Percentage: 0.9%

Trend: Bullish

Volatility: Low

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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige


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Japan is the ‘leading candidate’ for Ripple’s new headquarters: SBI Holdings CEO



Japanese financial giant SBI Holdings CEO Yoshitaka Kitao said that Japan is the most likely country Ripple will relocate to, should it leave the United States. 

At an Oct. 28 press briefing, Kitao stated that the blockchain-based payments firm “has made Japan the most promising candidate” for its new headquarters if Ripple makes good on its threats to move its San Francisco offices. SBI Holdings is a Ripple investor, while Kitao sits on the firm’s board of directors.

Both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have expressed frustration at the lack of regulatory clarity in the United States. Earlier this month, Larsen stated the firm was considering moving to countries like the U.K., Switzerland, Singapore, or Japan, because authorities in the U.S. had a “regulation through enforcement” policy and were “woefully behind” in preparing for the cryptocurrency-based next generation of a global financial system.

According to a Bloomberg report on Oct. 22, Ripple shortlisted Japan and Singapore. Garlinghouse said at the time that he had spoken to SBI about using the country as a potential location for its headquarters.

“Japan is one of our fastest-growing markets, in part because we have key partners like SBI,” stated Garlinghouse.

SBI Holdings also announced today that Ripple had completed an investment in Japanese payments company MoneyTap, seemingly as part of its plans to integrate Ripple-powered settlements across ATMs in Japan. The integration is reportedly intended to provide consumers with easier access to funds at Japanese ATMs regardless of their banking affiliation.


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Bitcoin Dominance Is Days Away From Triggering A 30% Rally Against Alts



Bitcoin smashing through $12,000 gave the cryptocurrency enough momentum and energy to take out $13,000 and revisit last year’s highs. But while it did so, it caused altcoins like Ethereum, Chainlink, and dozens more to bleed out relative to BTC.

It has left alts in a precarious position, potentially about to be left for dead by Bitcoin dominance and a possible 30% rally from here.

Remember The Once In A Lifetime Great Recession of 2008. Within a few years, the underlying technology itself took new life in the form of altcoins, many designed to improve upon the original cryptocurrency in some way.

Ethereum added smart contracts, while Litecoin sought to improve speed and loosen up the tight supply slightly. Others were created to solve scalability.

Related Reading | Crypto Capital Manager Claims Failed Altcoin Promises Won’t Be Forgotten

No altcoins have been able to beat Bitcoin at its own game, but the allure of the next big thing in crypto caused a frenzy of FOMO after Bitcoin exploded to $20,000. The hyper-growth across the crypto industry in both capital and in total coins created, caused BTC dominance, a metric measuring the top crypto asset’s weight against the rest of the total crypto market cap, to dive.

A metric that previously never broke below 95%, within a year or two fell to 35% dominance. Ethereum gobbled up a significant chunk, along with XRP, and other top ten assets.

btc.d bitcoin dominance bb

Dominance could close above the middle-BB on two-week timeframes | Source: BTC.D on

BTC Dominance Poised To Wipe Out Alt Rally, Start Slate Clean In 2022

Nearly four years later, and now Bitcoin is on its way back up toward the highs it broke down from, and it could all happen with a two-week timeframe close above the middle-Bollinger Band.

A close above the moving average from which the two standard deviations are derived is a long or short signal. Note that the two previous closes above the middle-BB resulted in an over 30% climb each time. Closing below the middle-BB is what sent BTC.D off the deep end and kicked off the first-ever

TA roadmap shows path to peak in dominance before altcoin season returns | Source: BTC.D on

An inverse head and shoulders bottom on BTC.D peaked as the crypto bubble popped, and a breakout of the neckline took Bitcoin to the 2019 top where altcoins were decimated in its wake.

Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High

Another 30% rally from the middle Bollinger Band that could result from a two-week close above the key level, would take BTC dominance to as high as 85%, coinciding with technical analysis resistance and support levels, as well as retesting a rising wedge pattern and forming the head on yet another reversal pattern.

btc.d bitcoin dominance bb

Combining TA with the technical indicator paints a bearish picture for altcoins | Source: BTC.D on

Combining the technical analysis patterns with the indicator shows how the price action between Bitcoin and altcoins could play out over the next year.

Bitcoin’s new bull run beginning and new all-time highs could cause alts to tank as analysts are expecting, but when it finally turns around in late 2022, another epic Source:

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