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Banking Giant JP Morgan Releases Its Own Stablecoin



About a year and a half after its announcement, JPMorgan Chase has released its stablecoin. The American multinational investment bank and financial services company has presented the digital asset, showing its beliefs in blockchain technology and cryptocurrencies.

After A Long Hype, It’s Time For JPM Coin

As per a recent news announcement, JPM Coin is already live and reportedly used by a large technology company to send payments across the world. The new-born digital asset is considered an indication of the pro-digital currency aims of the company and an expectation that more commercial clients will use its stablecoin in the future.

As a follow-up of the new currency release, JPMorgan has decided to create Onyx – a new business arm to house and operate its blockchain and digital assets enterprise.

“The unit has more than 100 dedicated staffers,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

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,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

Further Belief In Crypto And Blockchain’s Profitability

As per the announcement, JPMorgan Chase shows strong faith in the blockchain industry’s usefulness. According to Umar Farooq, the newly named CEO of Onyx, banks could now save money on removing mistakes and creating a model to earn money by participating in the network, while charging a few cents to confirm data for each transaction.

Processing paper checks would also benefit from the integration of digitalization.

“Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days,” said Georgakopoulos.

As CryptoPotato reported, JPMorgan Chase has shown its readiness to enter the crypto world as early as last year, changing its opinion on Bitcoin in general. Back then, the major bank announced plans to launch its own cryptocurrency, which would be used to settle transactions between clients of its wholesale payments business instantly.


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5 Reasons For Bitcoin’s Price Surge To New 15-Month High



At the beginning of October, Bitcoin’s price was particularly indecisive and trading slightly above $10,000, causing many to believe that the unfilled CME gap down at $9,600 would soon be closed.

Fast forward to the current date, October 27th, BTC is trading at $13,400, having just marked a fresh high for 2020. The cryptocurrency added around $3,000 to its value, representing an increase of around 30%.

With this said, this month was also quite eventful. Many things happened, and, as such, let’s have a look at five possible reasons that could have led to this substantial price increase.

PayPal Announcing Support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum

Undoubtedly, the most important piece of news that came out this month was PayPal announcing support for cryptocurrencies.

Now, PayPal is the world’s largest online payment processor. Data from Statista shows that for the second quarter of 2020, the company has processed over $221 billion. Moreover, the company has a network of over 26 million vendors, and it plans to enable users to spend their BTC at all of them, starting in early 2021.

Additionally, it’s worth noting that PayPal is a widely-accepted payment method, and most of the banks allow transfers from and to the platform. On the contrary, not a lot of banks support Bitcoin transactions, meaning that they would either have to reconsider their policy, or they would have to drop PayPal as a client altogether.

At this point, it’s unclear how this will be resolved, but it’s exciting to see how the situation develops. If one thing is certain, though, it would put Bitcoin and other cryptos at the forefront of an important discussion.

Major Banks Starting to Change Their Attitude Toward Bitcoin

There’s no clearer example here than JP Morgan – one of the world’s largest multinational investment banks.

The relationship between the bank’s CEO, Jamie Dimon, and Bitcoin is one worth following. In 2017, the high-ranked executive said that BTC is afraid and that if he saw any of his traders dealing with it, he would “fire them in a second.”

Well, fast forward a few years, and now the bank is posting bullish predictions on that very same cryptocurrency that Dimon labeled a fraud.

Just a few days ago, JP Morgan said that even a modest switch in capital from gold to Bitcoin could see its price triple.

Number of Publicly-Listed Companies Which Buy Bitcoin Increases

Perhaps as a direct consequence of the above, we can already see an increased involvement from publicly-listed companies.

The biggest buyer who put Bitcoin on its balance sheet became MicroStrategy, with its massive $425 million investment. Its CEO, Micael Saylor, has been particularly vocal about BTC’s merits.

Jack Dorsey’s Square also jumped on the bandwagon, purchasing $50 million worth of Bitcoin earlier this month.

Below is a list of all the publicly-listed companies and their holdings in BTC.


Publicly-listed companies putting BTC on their balance sheet is a huge deal for the nascent cryptocurrency, and industry experts have it that this effect will only snowball.

Singapore’s Biggest Bank Reportedly Launches a Bitcoin Exchange

As CryptoPotato reported just today, DBS Bank, a Singaporean multinational banking and financial services corporation and the city-state’s largest bank, has reportedly launched an exchange that offers fiat-to-cryptocurrency trading pairs.

Purportedly, the new exchange would support the “top digital currencies in circulation,” namely Bitcoin, Bitcoin Cash, Ethereum, and Ripple’s XRP. Traders would be able to exchange them against SGD, HKD, JPY, and USD.

More interestingly, the exchange would supposedly only accept financial institutions and professional market makers, as its users. The venue would be regulated by the Monetary Authority of Singapore, which is also its de-facto central bank.

Needless to say, a central bank-backed and regulated exchange aimed at institutional investors should, in theory, facilitate the involvement of larger players in the field.

Uncertainty Around the Upcoming 2020 US Presidential Elections

Undoubtedly one of the most important moments for the global macroeconomic outlook is the upcoming US Presidential Elections, set to take place on November 3rd.

CryptoPotato did a survey, and it turned out that the elections are the biggest concern for Bitcoin investors in 2020.


It is, perhaps, no surprise that billionaire Paul Tudor Jones III came up with a statement, saying that he likes “Bitcoin even more now than then [when he bought BTC in May].” He also said that it’s going to be the best inflation trade.


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Huobi adds Visa and Mastercard support for cryptocurrency transactions



Huobi global expanded support for Visa and Mastercard credit and debit cards which will allow its users to make transactions on the platform itself without being redirected to a third-party portal, according to a release shared with AMBCrypto today. The new payment service is being provided by Huobi Technology, a regulated DLT firm by the Gibraltar Financial Services Commission. 

Until this integration, Huobi had previously supported Visa and Mastercard transactions through other payment service providers but the onboarding process required users to complete Know Your Customer (KYC) from a separate interface. Huobi Gibraltar conducts user onboarding, including KYC but the new integration allows users to register and transact from a single interface, which Huobi believed would make it quicker and simpler for users to start trading.

Vice President of Global Business at Huobi Group, Ciara Sun said that by removing an extra step in the user journey, Huobi was creating a better user experience that will make it easier for anyone to buy crypto without leaving the exchange.

Huobi is the third-largest crypto exchange by trading volume according to data from CoinMarketCap. With this payment integration, Huobi said its users could now access fiat-to-crypto gateway via Visa and MasterCard payment services. Visa cardholders in major European countries as well as Australia are eligible to buy BTC, ETH, XRP, LTC, and other major cryptocurrencies. Users in the U.K., Gibraltar, France, Poland, Czech Republic, Netherlands, and Australia who are Mastercard cardholders can also use the payment service. 

Supported fiat currencies include ALL, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, MDL, MKD, NOK, PLN, RON, SEK, TRY, UAH, HKD, AUD, and USD.


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