L’amministratore delegato di DeVere dice che Bitcoin

L’amministratore delegato di DeVere dice che Bitcoin aumenterà del 50% e „forse raddoppierà“ nel 2021

Un altro finanziatore istituzionale è uscito con un’audace previsione Bitcoin.

Il rally parabolico di Bitcoin (BTC) è appena iniziato, secondo Nigel Green, fondatore e CEO della società di consulenza finanziaria deVere Group con sede a Dubai.

In un articolo pubblicato giovedì su Newsmax, Green ha proclamato con coraggio che la Bitcoin avrà un altro „anno da record“ nel 2021, con prezzi destinati ad esplodere di almeno il 50% e „eventualmente raddoppiare“.

Ha fatto la previsione proprio come il Bitcoin ha raggiunto il picco di oltre 23.000 dollari giovedì per la prima volta in assoluto. L’ammiraglia della Bitcoin Loophole valuta digitale avrebbe continuato a commerciare fino a 23.777 dollari su Bitstamp prima di subire un piccolo ritiro.

Sulla base dei valori attuali, Green si aspetta che BTC raggiunga tra i 34.500 e i 46.000 dollari l’anno prossimo.

Pur riconoscendo che Bitcoin non salirà in linea retta, Green dice che l’afflusso di investitori istituzionali porterà ad un aumento dell’interesse dei consumatori, creando la tempesta perfetta per la scoperta dei prezzi.

Ha scritto:

„Alcune delle più grandi istituzioni del mondo – tra cui le società di pagamento multinazionali e i giganti di Wall Street – si ammassano sempre più nella cripta, portando con sé la loro enorme esperienza e il loro enorme capitale, il che a sua volta, accresce l’interesse dei consumatori“.

Il gruppo deVere di Green’s deVere ha dedicato molto tempo alla ricerca di beni digitali

Il mese scorso, la società di consulenza ha pubblicato i risultati di un sondaggio che mostra che il 73% degli intervistati è rialzista verso le valute criptate, rispetto al 68% del 2019. Questa cosiddetta indagine sui milionari sottolinea un importante cambiamento in atto all’interno dei circoli del denaro intelligente.

La domanda istituzionale è stata un catalizzatore primario dietro il mercato dei tori di Bitcoin ed è una delle ragioni principali per cui l’attuale tendenza al rialzo si differenzia nettamente dal top del 2017.

Un altro importante catalizzatore è la storia che Bitcoin è una copertura contro l’inflazione e l’incertezza macroeconomica – qualcosa che Green ha toccato nel suo articolo.

Egli ha spiegato:

„[…] con i governi che continuano a sostenere le economie e ad aumentare la spesa a causa della pandemia, gli investitori guarderanno sempre più alla Bitcoin come a una copertura contro la legittima preoccupazione per l’inflazione“.

OKEx CEO explains recent suspension of withdrawals

The CEO of OKEx spoke about fears surrounding the recent suspension of withdrawals on the platform.

Jay Hao apologized to those affected and thanked the users who continue to support OKEx.

The platform will also update its private key management processes and its rewards system.

Jay Hao recently hosted a question-and-answer session to address user concerns about the suspension of OKEx withdrawals.

In October, problems with one of the private key holders of the OKEx exchange forced the platform to halt withdrawals for about five weeks.

In the recent question-and-answer session, Mr. Hao reiterated his apologies for the stress and uncertainty this sudden suspension has caused. He also detailed updates to the platform’s private key management system, as well as a new rewards program for users.

Jay Hao apologizes to users for suspended withdrawals

Last week, Jay Hao, CEO of OKEx, answered questions from platform users during a question-and-answer session on the exchange’s telegraph channel. During the session, Hao reiterated that users‘ property has never been in danger, but apologized for the stress and inconvenience caused by the uncertainty.

As BeInCrypto previously reported, the major exchange halted user withdrawals on October 16. The latter’s holdings remained frozen on the platform until it resumed withdrawals on November 26.

OKEx explained in a previous blog post that one of the platform’s private key holders assisted Chinese authorities in an investigation. The exchange had apparently not considered such incidents as part of its contingency plan.

During the question and answer session, Mr. Hao noted that trading activity naturally declined on the exchange during the five-week suspension. As soon as withdrawals resumed, many users immediately withdrew funds from the exchange:

Despite the clear signs of loss of user confidence, Hao praised the “supportive and loyal” customers who conveyed messages of support.

He also touched on the growing maturity of the wider cryptocurrency market – apparently evidenced by the excellent performance of BTC during this period.

New rewards for users

In order to avoid possible future incidents that would prevent users from accessing their funds, the exchange reportedly updated some of its internal processes. Among these modifications, we find in particular the way in which it generates and saves the private keys as well as the backup of its main private keys.

Mr. Hao also commented on the reports regarding OKEx’s on-chain cash outflows prior to service resumption. He claimed that wallets identified as belonging to the exchange were mislabeled, which led to incorrect reporting of funds leaving the platform.

Why hasn’t the price of Bitcoin reached a new all-time high yet?

The price of Bitcoin has recovered to new highs on multiple exchanges, but it still hasn’t surpassed its December 2017 record high on Coinbase.

The price of Bitcoin (BTC) reached $19,873 in Coinbase on November 30th, surpassing $19,000 in an amazing recovery rally. Although many in the crypto sector celebrate that BTC has reached a historic high, it still hasn’t.

In Coinbase, the price of Bitcoin peaked at USD 19,891 in December 2017. The all-time high in Coinbase is particularly important because it has consistently been the leading crypto currency exchange in the U.S. for the past several years.

Bitcoin Price Plummets at Kraken after Historic Peak

Monthly BTC/USD graph in Coinbase.

In addition, some of the major global exchanges such as Binance were launched in mid-2017. One could argue that an exchange that has been in existence since 2012 is more important in terms of historical price data and, to date, Coinbase remains one of the main exchanges used by retail investors.

Bitcoin’s historical highs vary among exchanges

2017 was a tumultuous period for cryptomonies. By the time Bitcoin reached a new all-time high, it saw price swings of 30% to 50% in one week, as the crypto currency exchange market showed a lack of liquidity.

The price of XRP points to $1 while the price of BTC soars

Currently, the historical highs differ by almost USD 300 between exchanges. For example, in Kraken and Bitstamp, BTC reached a peak of USD 19,660 and USD 19,666, respectively. Today, the price of BTC reached a new historical high in both exchanges.

In Binance and Huobi, BTC reached a high of USD 19,799 and USD 19,867, which were also achieved on November 30th.

As of this writing, Bitcoin has yet to see a new record in Bitfinex, Coinbase and Gemini, which are also casually known as the whale exchanges due to their high liquidity.

In 2017, Coinbase was a leading exchange in terms of trading volume, and in the minds of many traders, seeing the price exceed its previous all-time high would provide additional confirmation that a bull market has officially begun.

For many traders, USD 20,000 is the barrier to be broken, as it will officially set a new historical record for the highest rated digital asset.

A trader known as „Bitcoin Jack“ pointed to Bitfinex as the most liquid exchange during this ongoing rally. Therefore, considering that the historical highs of Gemini and Coinbase are close to that of Bitfinex, the $19,873 level is an accurate historical high. He said:

„You have to be careful, as liquidity to open interest rates was affected in most exchanges. It means that, until liquidity is replenished, the amount of liquidity against OI is relatively low, allowing for less contained cascades on both sides. As always, Finex is the king of liquidity.

What’s next for the price of Bitcoin?

Chain analysts, including CryptoQuant CEO Ki Young Ju, predicted that the whales would try to reach an all-time high and apply significant selling pressure.

As Bitcoin approached its record in Coinbase, there was a sudden massive sale, which took BTC to just $18,998 in two hours.

Following the high level of volatility and a whale-induced sell-off, open interest in the futures market was affected and exchange order books have been hampered.

Bitcoin price reaches USD 19,000 and bulls are confident about a record gap in BTC futures

There are two short-term scenarios that Bitcoin might see after its first attempt to get out of its historical high.

First, momentum may continue in the Asian markets during their morning session and this could catalyze buyer demand to increase again.

Second, Bitcoin could consolidate below its historical high of $19,873, possibly ranging from $19,000 to $19,873. This scenario is the most ideal for BTC to see a sustainable rally, as it would prevent the derivatives market from overheating.

Cayman Islands introduce regulations for virtual asset service providers

The notorious tax haven seems to be reforming its attitude towards MFA and terrorist financing before a review of the Caribbean Financial Action Task Force.

The Cayman Islands Government’s Ministry of Financial Services has announced that it has initiated a regulatory framework for virtual asset service providers (VASPs).

In a press release on October 31, the ministry stated that the change had strengthened the country’s „capacity to regulate and attract people and entities that deal with virtual assets as a business.

The first phase of implementation, already underway, focuses on compliance with and application of the Money Laundering Prevention (AML) and Counter-Terrorism Financing (CFT) standards.

The new framework incorporates the updated recommendations that the Financial Action Task Force (FATF) adopted in 2019.

As the Cointelegraph reported at the time, these recommendations included the controversial „travel rule,“ which requires VASPs to collect and share personal data on the originator and beneficiary of transactions.

Existing VASPs and newcomers to the market will need to register with the Cayman Islands Monetary Authority to demonstrate their compliance with global AML/CFT standards.

The Cayman Islands AML/CFT regime is currently under review by the FATF and the Caribbean Financial Action Task Force (FTAFC) following a recent Mutual Evaluation Report.

The VASP structure will be submitted for consideration before the FTAFC reclassification, scheduled for November. The conclusions of the FATF review are expected by the end of the first quarter of 2021.

The second phase of implementation of the structure will include „licensing requirements and prudent supervision“ and is expected to enter into force in June 2021.

Last month, the Cayman Islands were removed from the EU’s black list of tax havens and seem to be making great efforts to improve their image in financial circles.

Bitcoin celuje w 17000 $ po osiągnięciu najwyższego dziennego zamknięcia w 2020 roku

Bitcoin osiągnął najwyższe dzienne zamknięcie w 2020 roku.

Wydaje się, że BTC wyłamuje się z rosnącego trójkąta.

Jest opór blisko 17200 $

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Bitcoin Evolution osiągnął dzienne zamknięcie na poziomie 15707 USD 11 listopada, co oznacza najwyższy dzienny zamknięcie w 2020 r.

Cena obecnie podejmuje próbę wyrwania się z rosnącego trójkąta, co ma się powieść i może doprowadzić cenę do następnego oporu na poziomie 17 000 USD.

Bitcoin osiąga najwyższe dzienne zamknięcie w 2020 roku

12 listopada cena Bitcoina wznowiła swój wzrost i osiągnęła maksimum 15 991 USD.

Mimo że BTC spadł do 15707 USD, pozostawiając po sobie górny knot, 6 listopada nadal zamykał się wyżej niż poprzedni szczyt z 2020 r. Wynoszący 15610 USD.

BTC kontynuuje dziś wzrost i obecnie kosztuje nieco powyżej 15900 USD.

Krótkoterminowy sześciogodzinny wykres pokazuje, że cena jest w trakcie wybijania się z poziomego obszaru oporu 15800 USD i rosnącego trójkąta, którym handluje od 3 listopada.

Wskaźniki techniczne są bycze, ponieważ RSI jest powyżej 50. Aby to uzupełnić, linia MACD jest powyżej 0, a histogram MACD jest w trakcie zmieniania się na dodatni.

Wybicie, które przechodzi przez całą wysokość wzoru, spowodowałoby, że cena osiągnęłaby 17200 USD.

Wykres godzinny pokazuje znaczną siłę kupujących, co było widoczne w długim dolnym kocie, który został utworzony, gdy tylko cena dotknęła poprzedniego obszaru oporu na poziomie 15 500 USD. Ten poziom stał się teraz wsparciem.

Tygodniowe ramy czasowe dla BTC pokazują, że cena zbliża się do długoterminowego obszaru oporu znajdującego się między 16 130 USD a 17 257 USD.

Obszar ten działał wcześniej jako opór poziomy w styczniu 2018 r. I wynosi 0,786-0,854 Fib całego spadku od tamtego czasu.

BTC jest bardzo blisko pierwszego obszaru oporu, a wskaźniki techniczne są bycze, co sugeruje, że cena podejmie próbę zbliżenia się do obszaru oporu 17.257 USD.

Leverage fuels Bitcoin rally: Highest price since January 2018

The recent Bitcoin gains are arguably due to leverage orders.

On November 4, the crypto data website Crypto Quant has a chart published on which the estimated lever ratio is displayed on Binance. The ratio is calculated by dividing the open interest by the Bitcoin (BTC) reserves and this has reached a new all-time high.

This record was set on November 3rd after the Estimated Leverage Ratio (ELR) on Binance surged above 0.18 for the first time due to a surge in open interest. Shortly thereafter, Bitcoin Loophole hit a double bottom at around $ 13,400.

New data suggests that the Bitcoin surge to its annual high of over $ 14,000 may have been fueled by leverage. That, in turn, could mean that the market could remain very volatile in the short term.

Estimated Leverage Ratio on Binance: CryptoQuant

However, Binance also saw its largest daily BTC outflow on November 3rd. Here, 58,861 Bitcoin within 24 hours flown by the Exchange.

Binance was not alone with such a surge. Data from Skew shows that total open interest in BTC futures has hit a new all-time high at around $ 5 billion.

The growing open interest has been seen despite BitMEX’s recent decline in market share . The US Department of Justice accused the exchange of money laundering.

According to Messari, the rise in open interest could indicate a „bullish sentiment“ provided that it is due to long positions. The research firm said also, the data would suggest that new capital could flow into the crypto area:

„Rising prices during an uptrend combined with rising open interest could mean that new money is flowing into the market.“

The amount of BTC on the stock exchanges has also steadily declined since May . This could indicate that buyers are withdrawing Bitcoin from the exchanges and putting them in cold storages for the longer term.

There have also been more and more long positions on Bitfinex since the beginning of October . The number of these has increased from 25,000 to 29,000. Although more short positions have been opened since October 20, these have doubled from 3,250 to 6,770, the bulls clearly have the upper hand.

In the past few hours, BTC has hit a new annual high of $ 14,500.

Badanie w skali szarości: COVID-19 sprawił, że Bitcoin stał się bardziej atrakcyjny dla inwestorów

Badanie potwierdziło pogląd, że Bitcoin jest atutem „safe-haven“.

Badanie przeprowadzone przez Grayscale Investments wskazuje, że pandemia COVID-19 zwiększyła apetyt inwestorów na Bitcoin (BTC).

„Według respondentów, Bitcoin Up wydaje się mieć pewne cechy wspólne z inwestycjami „safe haven“. Niedobór Bitcoinu, weryfikowalny charakter, brak korelacji z globalnymi rynkami oraz fakt, że nie jest on kontrolowany przez organizacje rządowe to cechy, które sprawiają, że Bitcoin jest podobny do tradycyjnych inwestycji w safe haven“.

To wydaje się potwierdzać status Bitcoin jako atut safe-haven, jak twierdzi wielu analityków. Zgodnie z wynikami badania, zainteresowanie Bitcoinem jako inwestycją wydaje się rosnąć wraz z poziomem wykształcenia. Tak więc tylko 17% respondentów bez dyplomu ukończenia studiów miało zainteresowanie tym aktywem, podczas gdy 29% posiadaczy dyplom ukończenia studiów.

Bitcoin overgår langt gull og S&P 500 når amerikanske valg nærmer seg – eToro Crypto Roundup

Mens Bitcoin tar seg gjennom stratosfæren, er aksjemarkedet fortsatt jordbundet. Den ledende kryptovalutaen overlapp kort $ 14k denne uken, og overgikk tradisjonelle aktivaklasser når lockdown kommer tilbake over hele Europa og politiske spenninger sperrer høyere i oppkjøringen til den amerikanske valgdagen.

Denne ukens økning toppet en fantastisk måned for Bitcoin Up, som ga 22% gevinst i oktober da gull handles sidelengs og S&P 500 falt 2%.

I nyhetene fortsetter hendelser å vise mainstreaming av Bitcoin av store finansinstitusjoner. Singapores største kommersielle bank, DBS, planlegger å lansere en digital aktivautveksling for Bitcoin og tre andre kryptovalutaer, og fullstendig lisensiert sveitsisk finansinstitusjon Gazprombank har blitt godkjent for å tilby Bitcoin-tjenester.

Ukens høydepunkter
Bitcoin treffer $ 14 000 på den tolvte whitepaper dagen
Altcoins blekner når Bitcoin hevder dominans
Snapshot for gnistfordeling
Bitcoin treffer $ 14 000 på den tolvte whitepaper dagen
Tolv år etter at Bitcoin-papiret ble utgitt, traff prisene $ 14 000 på noen børser – og presset forbi toppen av 2019 for å markere de høyeste prisene som er sett siden 2018.

Denne betydningsfulle anledningen ble preget av andre milepæler for adopsjon, med Iran som innførte nye forskrifter som ba gruvearbeidere om å selge sin Bitcoin til sentralbanken, og administrerende direktør i Microstrategy Michael Saylor avslørte at han personlig eier 17 732 BTC, i tillegg til de 38 250 BTC som selskapet har.

Hittil har Bitcoin nå økt nesten 90%, med en økning på omtrent 20% de siste to ukene.

Altcoins blekner når Bitcoin hevder dominans
Siden Bitcoin har økt høyere den siste uken, har altcoins sunket. Stellar og Tezos er ned 4%, mens NEO og BNB har falt ytterligere med 9% tap.

Selger som dette skjer ofte etter store altcoin-samlinger som „DeFi Summer“, da handelsmenn konsoliderer fortjeneste ved å bytte tilbake til Bitcoin før en annen høysesong kommer og penger strømmer tilbake til mindre kryptovalutaer.

Denne dynamikken gjenspeiles i Bitcoin-dominansen, som klatret i oktober da den ledende kryptovalutaen fikk tilbake markedsandelen fra økningen av altcoins om sommeren.

Snapshot for gnistfordeling

For å støtte utviklingen av Ripple-økosystemet jobber eToro med det nye blockchain-nettverket Flare.

12. desember tas et øyeblikksbilde av eToro XRP lommebøker for å bestemme distribusjonen av Flare’s Spark token.

Handlere på eToro og eToroX er kvalifiserte, og distribusjonen vil skje i første halvdel av 2021, underlagt Flares skjønn. Les mer om Ripple-feeden.

Uken fremover
I en visning av forbløffende styrke avsluttet Bitcoin oktober ved den høyeste månedlige avslutningen siden januar 2018 – et nivå som også markerte toppen av det største rallyet i 2019.

Nå som Bitcoin konsolideres under dette viktige tidspunktet på $ 14 000, nærmer seg en nøkkelkatalysator. Globale markeder venter spent på USAs valgkveld på tirsdag, som lover å gi betydelig volatilitet – med potensialet for turbulens forsterket av muligheten for et omstridt utfall.

Hvis Bitcoin blåser gjennom $ 14k, vil sannsynligvis oksemarkedet komme i full gang, og vi kan raskt nærme oss $ 20k. På baksiden vil en sterk avvisning fra dette viktige motstandsnivået sannsynligvis skade markedet.

Ecco come la Bitcoin ha reagito all’ultimo disegno di legge della PBoC

Una credenza comune che ha fatto i giri ultimamente è che il recente comportamento dei prezzi della Bitcoin sia una replica della sua storica corsa dei tori del 2017. Tutto ciò va bene, ma ciò che la maggior parte della gente dimentica è che nel 2017, ci sono state storie che equiparavano l’encierro del 2017 a quello del 2013.

Perché molti nella comunità sembrano aver dimenticato

Ma non è tutto, perché molti nella comunità sembrano aver dimenticato come il PBoC cinese ha reagito a ciascuno di questi sviluppi annuali. Ogni volta che il Bitcoin Revolution ha superato un livello di resistenza che non era stato testato per un lungo periodo di tempo, il PBoC ha reagito, in seguito al quale il prezzo della criptovaluta è sceso.

In poche parole, ci sono state tre corse dei tori – 2013, 2017, e quella in corso – e il PBoC ha reagito ad ognuna di esse.

Nel 2013, quando il prezzo del Bitcoin ha superato i 1.000 dollari, la People’s Bank of China ha rilasciato alcuni commenti e il Bitcoin si è schiantato. La People’s Bank of China (PBOC) aveva poi inviato una dichiarazione in cui affermava che il Bitcoin non era „una valuta nel vero significato della parola“. In realtà, la PBoC ha continuato a trattenere le istituzioni finanziarie dall’impegnarsi ulteriormente con la criptovaluta.

Il resto, per quanto possa sembrare un cliché, è storia. La variazione percentuale giornaliera di Bitcoin prima e dopo le dichiarazioni del PBoC è evidente dal seguente grafico di Ark Invest.

Come si può osservare, la variazione percentuale giornaliera del prezzo è scesa al 10% negativo il giorno dell’annuncio del PBoC. Mentre il prezzo si è ripreso subito dopo, il rally dei prezzi della criptocassa ha sofferto a causa di tale annuncio.

In rapida progressione fino al 2017, quando il prezzo della Bitcoin ha nuovamente superato i 1.000 dollari, la PBoC ha inviato nuove dichiarazioni che indicano che i suoi rappresentanti si sono incontrati con le principali borse Bitcoin con sede in Cina per rafforzare l’importanza di rimanere in regola con „le leggi e i regolamenti pertinenti“. Dopo l’annuncio della PBoC, la volatilità del Bitcoin è scesa.

In tutti gli annunci del PBoC, la volatilità è rimasta intorno al 3,4% nel 2016/17, mentre nel 2013 è stata pari al 9,1%. Tuttavia, una settimana dopo, la volatilità è aumentata di quasi due volte sia nel 2013 che nel 2017.

Quando Bitcoin ha superato i 12.500 dollari

Come anticipato, nel 2020, quando Bitcoin ha superato i 12.500 dollari e consecutivamente sono stati superati i successivi livelli di resistenza a 13.500 e 13.700 dollari, il PBoC ha fatto un annuncio. La banca ha rivelato un disegno di legge che vieta ai privati di emettere valuta digitale.

È interessante vedere l’influenza dei rendimenti della PBoC, e come detta la narrazione, sette anni dopo la prima corsa dei tori Bitcoin. L’annuncio è arrivato il 28 ottobre 2020, e questa volta l’impatto è stato l’opposto del modello convenzionale.

Pubblicato l’annuncio, il prezzo ha raggiunto il massimo di 13.837 dollari e da allora si è mantenuto sopra i 13.400 dollari per 3 giorni consecutivi. Sebbene il prezzo non dipenda interamente dall’annuncio del PBoC, nel 2013 e nel 2017 l’impatto sul rialzo dei prezzi è stato negativo e significativo.

Attualmente, la risposta ha invertito la tendenza esistente. Un fattore importante dietro lo stesso potrebbe essere il fatto che i fondamentali attuali sono più forti che mai e con oltre 18,5M Bitcoins in circolazione, la rete cresce ogni giorno di più. Istituzioni come J P Morgan, Grayscale, MicroStrategy, Square e PayPal si sono associate ai Bitcoin, suggerendo inoltre che un cenno normativo potrebbe essere sulle carte.

Poiché l’asset è più maturo rispetto al passato, il prezzo sarà probabilmente influenzato da fattori rilevanti come la salute della rete, le transazioni, gli adottanti, l’offerta e la domanda, piuttosto che da dichiarazioni emesse dal PBoC o dal FUD che è una risposta ad esso.

 

 

 

JPMorgan reanimated the JPM Coin Stabilcoin project

The unnamed technology company began using the JPMorgan-designed JPM Coin Stabilcoin to send payments worldwide on a 24/7 basis. This prompted the bank to create an Onyx division that would focus on block and digital currency projects, CNBC writes.

According to Takis Georgikopoulos, head of the Interbank Settlement Department, the division employs more than one hundred people, and Umar Faruk, head of JPMorgan’s block development projects, has been appointed as its head.

„We are moving to the stage of commercialisation Bitcoin Formula of these technologies … from research and pilot projects to what can become a real business,“ explained Georgikopoulos.

According to the top manager, JPMorgan is focused on alleviating problem areas in the area of interbank payments. The largest bank in the United States in terms of capitalization is one of the largest participants in this market, transferring more than $6 trillion a day through more than hundreds of countries.

At present, it is not uncommon for payments to be rejected due to errors in account information or other problems. According to Georgikopoulos, the industry can save hundreds of millions of dollars if the regulatory format of data becomes available and it is properly entered.

JPMorgan plans to rebrand the Interbank Information Network (IIN) payment system, which was launched in 2017, based on a blockbuster with JPM Coin as the basis. It will be renamed Liink. The functionality of the network, whose customers are more than 400 corporations and banks, will be supplemented by the ability to check payments before they are sent.

According to Faruk, members of the payment system can charge ‚cents‘ to confirm data for each transaction and save money on correcting errors.

Another area of application for Liink is the processing of paper checks. The bank and its partners now have to rely on an army of employees at the receiving points. JPMorgan believes that this process can be replaced by adding cheque-related information to the check block and abandoning physical media. According to Faruk, the project is scheduled to start in a few months.

„We are talking about hundreds of millions of cheques sent. By moving everything to the block-platform with participants represented by major issuers and reception point operators, we will reduce costs by a factor of four and make cheques available within minutes rather than days,“ Georgakopoulos shared his calculations.

JPMorgan also offers payment infrastructure services for national digital currencies (CBDC).

„Look at China, look at Singapore, they are looking for options for using digital currencies. If we can create a workable model, the probability of acceptance will be ‚very high‘,“ said Georgakopoulos.

The Head of Interbank Settlement said that several more companies may soon be added to the unnamed client, who already uses JPM Coin in their activities.

Recent events give the heads of JPMorgan confidence that the blockchain has passed the phase of „over-expectations“.

„Now we are either somewhere at the bottom of the Gartner hipp cycle frustration or have passed it. This explains JPMorgan’s slowness in trying to scale the technology and put it on a commercial basis,“ explained Farouk.

Recall that in August of this year, JPMorgan sold the Quorum Ethereum block-platform to ConsenSys. A former leading engineer of the bank’s early project called Juno wrote down this decision on the fundamental flaws of Ethereum.

In May, JPMorgan began servicing crypt currency exchanges, including Coinbase and Gemini.

In the same month, ForkLog reported on advice from investment consultants at JPMorgan not to buy bitcoin. In October, the bank’s analysts noted that the first crypt currency outperforms gold as an alternative currency and is significantly more likely to continue growing.