JPMorgan Chase & Co has filed a new patent for a system that leverages blockchain for the management of virtual receipts backed by assets or bonds, according to a US Patent and Trademark Office (USPTO) patent filing published July 19. The new patent, titled “Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system,” includes a new form of a public blockchain-based method for the management of virtual receipts, which can take the form of tokens. The document describes Virtual Depositary Receipts, or "Virtual Receipts," as “asset or obligation-backed electronic tokens.” The new method would …

Co-founder of BitMEX crypto exchange and an Oxford graduate Ben Delo has become Britain’s youngest self-made billionaire, Daily Mail reports July 2. Aged 34, Delo, who founded BitMEX in 2014, told Daily Mail that he used to spend 18 hours a day to build his platform. His work has apparently paid off, as BitMEX is currently one of the largest crypto exchanges in the world with a daily trade volume of around $2 billion, according to data from Coinmarketcap. “I have had my nose down in a start-up for the past four years. I was doing 18-hour days at one …

JP Morgan once again caused a bit of an upheaval within cryptocurrency circles last week - this time with the publication of their peer-to-peer (P2P) payments network patent application based on distributed ledger technology, like blockchain. Some crypto enthusiasts branded the move as “hypocrisy to the extreme.” The criticism is not unfounded but perhaps not accurate. The bank, and to a greater extent, their outspoken CEO, Jamie Dimon, has been responsible for a lot of fear, uncertainty and doubt surrounding Bitcoin and cryptocurrencies as a whole. “Bitcoin is a fraud” The Jamie Dimon/JP Morgan saga of 2017 is still fresh …

Leading US banking group and financial services firm JPMorgan Chase has recently created and filled the new position of head of crypto-assets strategy, Business Insider reported today, May 17. London-based Oliver Harris, 29, will take the new role, reporting to the head of blockchain development, Umar Farooq. Harris will also lead JPMorgan’s internal blockchain project Quorum, which began testing by JP Morgan Chase and the National Bank of Canada last month. According to Business Insider, Harris will be identifying and leading new crypto projects for the bank, rather than actively trading in cryptocurrencies. He will reportedly investigate crypto custody services …

Canada’s central bank, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada, completed tests showing blockchain can be used for instantaneous securities settlements, Reuters reports today, May 11. The three companies concluded that blockchain, the technology originally developed for cryptocurrencies such as Bitcoin (BTC), is usable for automating securities settlements in real time. Both cash and assets can effectively be “tokenized” for instant exchange. Gerry Gaetz, president and CEO of Payments Canada, told Reuters: “This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from …

While Wall Street giants JP Morgan and Citigroup experienced strong first-quarter earnings, their share prices overall fell, the Wall Street Journal (WSJ) reported Friday, April 13. The WSJ reports that while equity trading revenue rose by 26 percent to $2 bln at JP Morgan, which also saw a 35 percent net profit rise, and Citigroup’s equity trading revenue up 38 percent to $1.1 bln, with a 13 percent rise of net profit, share prices of both banks fell on Friday. JP Morgan’s share price is now around $110, down 2.7 percent by market’s close yesterday, according to data from Bloomberg …

Cryptocurrency merchant bank Galaxy Digital, founded and run by former Wall Street exec Mike Novogratz, will reportedly be hiring Goldman Sachs executive Richard Kim as its new chief operating officer, Bloomberg reported yesterday, April 9. “Crypto capitalist” Anthony Pompliano posted on Twitter that the “brain drain from Wall Street continues.” Richard Kim, a former VP at Goldman Sachs, is joining Mike Novogratz’s Galaxy Digital as Chief Operating Officer. The brain drain from Wall Street continues. ?? — Pomp ? (@APompliano) April 9, 2018 Novogratz – who is one of crypto’s richest people in the world according to Forbes – left …

Former US Secretary of State John Kerry has said cryptocurrency is a topic at the World Economic Forum (WEF) “because it has value,” talking to Cointelegraph. In exclusive comments to Cointelegraph, which is attending the currently ongoing event in Davos, Kerry appeared unsurprised that Bitcoin and Blockchain had become a major talking point in global financial circles. “People are investing in it, it’s serious amounts of money and it’s got value so it’s going to be talked about,” he said. The response comes as cryptocurrency receives more and more regulatory attention and associated publicity across the world. Amid mixed signals …

Sergio Ermotti, the CEO of Swiss banking giant UBS, told CNBC that he believes Blockchain technology will “likely reshape” the way that banks do business. UBS is already heavily invested in the new technology, partnering in the Batavia project with IBM, Bank of Montreal, and others. The statement does not come as a surprise, as companies and institutions have been rushing into the Blockchain space in order to increase efficiency and decrease costs. According to Ermotti: "Our strategy there is very simple. We try to initiate and get as many other financial institutions and clients into teams like trade finance …

Ben Bernanke, the former Chairman of the Federal Reserve, made his views against Bitcoin clear at a conference organized by Ripple in Toronto. Undermining the Government not a Recipe For Success Echoing the views of J.P. Morgan CEO Jamie Dimon, Bernanke feels that the decentralized nature of Bitcoin, which puts it outside government control, will trigger its downfall. Speaking at Swell, a three day conference organized by Ripple in Toronto, Bernanke said: “Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.” He attributed the current run …

As Bitcoin dips below $4000 after JPMorgan CEO Jamie Dimon’s criticism, analysts are forecasting a return to as low as $3000. In daily and weekly chart comments Wednesday, Tone Vays led the way predicting a bear market, calling $3000 the “perfect buy.” “I have strong support at $3,000 so don't see it going lower,” he added in several commentaries on Twitter. Daily & Weekly $BTCUSD are a bit mixed, but more Bearish than Bullish. Strong support & perfect #Bitcoin buy is $3,000. Will it get there? pic.twitter.com/EPcx7F3KVI — Tone Vays [#NO2X] (@ToneVays) September 13, 2017 Prices across cryptocurrency markets continue …

Bankers continue to come from traditional financial roles to Blockchain related projects. Leaving behind them a salary of up to seven figures shows a strong belief in the future of digital currencies. The lure of a young but quickly maturing marketplace is growing stronger. From somewhat ‘early adopters’ like former JP Morgan executive Blythe Masters - known for her prodigy climb and creating the modern credit default swap - became CEO of Digital Asset Holdings. Cointelegraph recently covered former Morgan Stanley’s top man venturing into cryptocurrency. One time Morgan Stanley CEO John Mack seeks to launch his own ICO for …