Will Martino, the former lead engineer for JPMorgan's first blockchain Juno, shared insights into the project's acquisition by ConsenSys with Cointelegraph. He believes that while the technology was good for its time, it inherited fundamental flaws from Ethereum (ETH). Since leaving JPMorgan, he has gone on to found Kadena, a proof-of-work blockchain that employs sharding to achieve scalability. While details regarding ConsenSys' recent acquisition of Quorum are sparse, it was noted that while divesting Quorum, JPMorgan was making an investment in ConsenSys. Martino believes that the investment that the bank made was higher than the price tag of Quorum. He …

Mathew McDermott has assumed the role of global head of digital assets for banking giant Goldman Sachs, touting future blockchain predictions. “In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain," McDermott told CNBC for an Aug. 6 article. Tweeting out the quote on Aug. 6, Morgan Creek Digital co-founder Anthony Pompliano added: "Wall Street is about to learn why technologists say innovate or die." McDermott's big plans include expansion Taking over for Goldman's previous head of digital assets Justin …

With cross-border interoperable blockchain systems gaining traction across the globe, it comes as no surprise that an increasing number of government agencies are looking to explore the full potential of this technology to make international transactions hassle-free in addition to ensuring the process is streamlined and transparent for users. In this regard, the Monetary Authority of Singapore, or MAS, announced on July 13 that its much-talked-about blockchain payments project, Project Ubin, was finally ready for mainstream commercial deployment. The project’s roots can be traced all the way back to 2017, a time when the Singaporean government was seeking to develop …

Bittrex Global, one of the world’s most popular platforms for trading cryptocurrencies, is about to become the first crypto exchange to list a token by JPMorgan’s blockchain spin-off Kadena. Kadena token (KDA), is finally getting its first official listing on June 25. While token deposits on KDA wallets on Bittrex are available immediately, the trading is set to open on June 26 at 10:00 a.m. EST. At the initial launch, KDA will be trading against two cryptocurrencies — Bitcoin (BTC) and major USD stablecoin, Tether (USDT). Trading on Bittrex Global isn’t available in the U.S. and some sanctioned countries By …

JPMorgan would have to move to Wyoming to protect itself from million-dollar Bitcoin (BTC), one blockchain advocate has warned. Speaking on financial news show the Keiser Report on June 6, Caitlin Long, who’s been appointed to the Wyoming blockchain committee, argued that the state was now far ahead of New York on Bitcoin support. Long: $1M BTC will spark lawsuits In the future, she told host Max Keiser, Bitcoin may cost $1 million, which will bring new forms of legal problems for owners and financial institutions. “There are people now finally starting to put leads on Bitcoin because Bitcoin is …

Banking giant JPMorgan Chase settled a 2018 lawsuit recently, with a $2.5 total payout — the result of unclear fees charged when using credit cards for crypto purchases. A May 26 court document detailed: "The Court notes that Defendant JPMorgan Chase Bank, N.A., f/k/a Chase Bank USA, N.A. (“Chase” or “Defendant”) has agreed to provide a Cash Settlement Amount of an aggregate of $2,500,000 in cash." The lawsuit stemmed from lack of clarity In January 2018, JPMorgan Chase quietly altered the terms of use around its credit cards when dealing in crypto asset purchases, failing to alert customers until 10 …

According to a claim by Harvard Business Review, blockchain will do to banks what the internet did to the media. When it comes to the banks and financial organizations of today, blockchain has the potential to solve a host of problems. Blockchain technology possesses nearly all the attractive characteristics needed by a reliable technology involving money. It is safe, secure, decentralized, transparent and relatively cheaper. Blockchain’s potential in financial services is significant and has several applications, spanning payments, capital markets, trade services, investment and wealth management as well as securities and commodities exchanges. Blockchain technology is tipped to be one …

As the largest among the United States’ “Big Four” banks, JPMorgan Chase comes across as an unlikely ally to digital asset service providers seeking to break through the glass ceiling still separating traditional and crypto finance. When the news broke on May 12 that the bank has been serving U.S.-based crypto exchanges Coinbase and Gemini since April, some digital finance experts saw it as a sign that the relationship may finally be thawing. Despite JPM’s CEO Jamie Dimon consistently disparaging cryptocurrencies’ aptitude as a financial instrument, the institution has not been dismissive of blockchain technology, most notably developing proprietary DLT-based …

“We're finally recognizing that crypto is just another opportunity in our financial future, rather than seeing it as a kind of misfit or unacceptable type of industry,” says Catherine Coley, CEO of Binance.US. In an interview with Cointelegraph, Coley responded to news that JPMorgan Chase — the United States’ largest bank — had taken on cryptocurrency exchanges Coinbase and Gemini as customers. “I take it as a very positive signal. We've seen specialist banks before being established to specifically support crypto, because traditional banks were not taking crypto businesses seriously,” Coley said. This, she noted, led to the growth of …

The crypto space and market cap is a small percentage of the trillions invested through the global equities market or the amount that the United States Federal Reserve is able to print. While the promise of blockchain technology and the future of Bitcoin (BTC) has been realized through major traditional players unveiling their own versions of the technology, their hesitant investment advice does not seem to match their actions. Real life application Recently, Cointelegraph reported that wealth manager Adam Pokornicky had claimed he almost lost a client to the opinions of the top financial holding companies in the world. Adam …

JPMorgan Chase, the United States’ largest bank, has reportedly taken on U.S. cryptocurrency exchanges Coinbase and Gemini as customers. A report from the Wall Street Journal on May 12 cited unnamed sources apparently familiar with the matter, who highlighted that the move is the first time the banking giant has served clients from the crypto industry. Both exchange accounts were reportedly accepted in April, with transactions now starting to be processed, sources told the WSJ. JPMorgan Chase is not processing Bitcoin (BTC) or other cryptocurrency transactions on behalf of the exchanges but is providing cash-management services and handling dollar transactions …

JPMorgan Chase and Goldman Sachs are advising their clients against Bitcoin (BTC), according to one American wealth manager. Adam Pokornicky, chief operating officer at Digital Asset Investment Management (DAIM), a U.S.-registered investment advisor for digital assets, claimed that his firm almost lost a client due to the banks’ intervention. In an interview with Cointelegraph, Pokornicky described his client as a lawyer and a “high net worth individual”, adding that they’ve been acquainted for a long time. “He's both a friend and someone I've worked with over the years,” the wealth manager explained. According to Pokornicky, his client was ready to …