JP Morgan Chase made waves in the crypto community this past week as they launched the JPM Coin news.
What is seen as an initial test for the future, It is understood that the Morgan Coin is based on JP Morgan Chase’s own private chain platform Quorum. It has been designed for the flow of funds between companies. Early applications are mainly reflected in cross-border payments, securities transactions, and replacement of US dollars for large corporate customers.
This appears to be a decisive moment for the industry, but what might this new development hold for the future?
Various leading figures have had their say on the topic. Dr. Victor Fang, founder of AnChain.ai, believes this is simply a reaction from JP Morgan to the sluggish Wall Street market. The largest bank in the United States is sending a signal to the outside world: This Wall Street centralized and supervised financial army is marching into the cryptocurrency world in an orderly manner.
Fang also touched on the centralisation/decentralisation argument claiming that a decentralised model was a utopia but felt that perhaps the stable currency introduced by JPMorgan Chase is a bit like a bridge that connects the huge gap between the two and is a compromise. Wall Street is using its strong financial support and sophisticated regulatory advantages to bring blockchain cryptocurrency technology to the forefront .
Xiao Feng, vice chairman and executive director of China Wanxiang Holdings Co., Ltd., is very optimistic in the face of Morgan’s launch of Morgan’s coin. But reiterated that Morgan is not a digital currency in a pure sense, but a more stable currency. Mimicking the views of the chairman of the DAEX Foundation, Gu Yanxi, who said:
“The stable currency based on the legal currency mortgage is not a real stable currency. Only the stable currency issued on a digital asset basis in a distributed manner is durable. The vitality .”
Liu Chang, Ph.D., Economics in Peking University, believes that if JPM Coin is successful, it will greatly help the competitiveness of Morgan Financial Services. This will motivate and force other financial companies to follow suit and use cryptography to transform the service system.
Whatever the case may be the news is certainly a positive step in the right direction, will it provide a bull run and spark interest in the market? I know for sure that when big banks get involved it can only be seen as a bonus in terms of outlook and appeal of the crypto space.
- Mithril1 week ago
Cryptocurrency: The Consumer Revolution. Use Mithril (MITH) to Get Tickets for Ed Sheeran Concert in Taiwan
- Mining5 days ago
Grin – The Rising Star of Mining in 2019?
- Bitmain1 week ago
Canaan Creative- the Emerging Rival to Bitmain?
- Altcoin News1 week ago
Binance: The First Decentralized Crypto Company?
- Altcoin News1 week ago
Poloniex Exchange Lists Grin On Website With Withdrawals
- China6 days ago
Chinese Miners Reveal Their Issues During Bear Market
- China1 week ago
OneCoin: Remembering the Scam That Hit China Hardest
- Altcoin News6 days ago
How Litecoin Became The Token of 2019