• Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

    As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders.

    Sep 17, 2019
  • JPMorgan CEO Sees Libra as a Competitor, but Not a Threat to His Business

    The CEO of JPMorgan Chase, a US financial corporation, James Dimon does not see threats to his business in the Facebooks’ Libra cryptocurrency project, at least in the short term.“To put it in perspective, we’ve been talking about blockchain for 7 years and very little has happened,” Dimon said during a conference call with analysts. “We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”Daimon also recalled that any initiatives in this area should be consistent with the requirements of regulators regarding anti-money laundering, established after the financial crisis.“We don’t mind competition,” he added — “the request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities.”In June, Dimon said that cryptocurrency projects do not threaten the banking system, but create competition in the payment services market and sometimes even “want to take our bread”.Shortly before…

    Jul 17, 2019
  • Goldman Sachs CEO Hints Bank Might Launch ‘JPM Coin’-Like Crypto

    Goldman Sachs may ultimately take part in the crypto disruption of finance, according to its CEO, David Solomon.

    Jul 1, 2019
  • Libra and JPM Coin Have Shown That the Encryption Industry Will Grow Barbarically?

    On June 25, JPMorgan Chase revealed that its digital currency “JPM Coin” will start trial operation as early as this year. This is an important project centered on the international settlement field at JPMorgan Chase. As a digital currency for instant settlement, the model is similar to virtual currency using DLT technology.JPM Coin is a digital currency based on blockchain that anchors US dollars in 1:1 and is designed to enable instant payment using blockchain technology. JPM Coin is currently a prototype product and is currently being tested only among a handful of JP Morgan Chase customers.Since the release of Libra white paper on June 18, the attention of encryption industry, financial industry, regulatory agencies and even major media has not stopped. But whether the industry supports or opposes it, final opinion will fall on “regulation.”Bank of England Governor Mark Carney said at a meeting of the European Central Bank,”he is‘open’ attitude to the potential utility of Facebook’s cryptocurrency program. “But he also warned, “After the plan is implemented, it may face strict supervision.”On June 20, blockchain expert Han Yongfei also said,”The…

    Jun 27, 2019
  • JPMorgan Adds New Privacy Features to Its Ethereum-Based Quorum Blockchain

    JPMorgan Chase’s blockchain team has developed a privacy feature for ethereum-based blockchains, obscuring not only how much money is being sent but who is sending it.JPMorgan has built an extension to the Zether protocol, a confidential payment mechanism that’s compatible with ethereum and other smart contract platforms and designed to add a further layer of anonymity to transactions. The New York-based financial institution will open-source the extension Tuesday, and is likely to use it with Quorum, the bank’s homegrown, private version of ethereum.Zether, which was built by a group of academics and financial technology researchers including Dan Boneh from Stanford University, uses zero-knowledge proofs (ZKPs), a branch of mathematics which allows one party to prove knowledge of some secret value or information without conveying any detail about that secret.Explaining what the new extension does, Oli Harris, JPM’s head of Quorum and crypto-assets strategy, told:“In the basic Zether, the account balances and the transfer amounts are concealed but the participants’ identities are not necessarily concealed. So we have solved that. In our implementation, we provide a proof protocol for the anonymous extension in which…

    May 28, 2019

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