JPMorgan Chase Positively Wades Into Crypto After Years of Hate

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The financial services giant and bank JPMorgan Chase & Co have seemingly reversed on a long-held stance, that crypto is bad, by beginning to service U.S. cryptoasset exchanges Gemini and Coinbase.

JPMorgan’s apparent reversal comes after years of institutionalized disdain for crypto, with the bank’s CEO Jamie Dimon being a vociferous critic circa 2017. According to Bloomberg, JPMorgan had been conducting due diligence on the exchanges “for months” before making the move. The bank’s adoption of crypto signals what can only be a highly regulated crypto-fiat landscape.

During 2019, JPMorgan had in fact started to visibly thaw on the subject of crypto, even experimenting with their own distributed ledger tech in the form of the so-called “JPM Coin”.

Dimon displayed during an interview his awareness of the competition posed by crypto, directing his people to assume that crypto and/or Fintech was “coming […] to eat your lunch.” Despite this, he was bearish on the prospect of Facebook’s Libra project succeeding or even launching, saying in October 2019 that it would “never happen”.

PMorgan’s publically traded stock has fallen recently, retreating from all-time-highs set in December 2019 in February, even before the coronavirus pandemic started to wreck the markets in March. It is down about 37% from those highs, trading now at about $87.

By: Colin Muller

Featured Image Credit: Photo via Pixabay.com

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J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trillion the bank lends to corporations will happen over something called ‘JPM Coin.’ The digital token created by engineers at the New York-based bank to instantly settle payments between clients. The “Squawk Box” crew discusses the possible implications of this roll out for crypto investors. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC

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Grayscale To Move Billions In Bitcoin, Ripple’s XRP, Ethereum, And Litecoin To Coinbase In One Of The Largest Ever Crypto Transfers

Bitcoin and cryptocurrency asset manager Grayscale Investments is today planning to move billions of dollars worth of holdings to U.S. crypto wallet provider and trading platform Coinbase in what could be one of the largest single day transfers of bitcoin and crypto assets ever.

Grayscale, which claims to be the world’s largest bitcoin and digital currency asset manager, is today announcing Coinbase Custody will serve as custodian of the underlying assets for its products, and is expected to transfer nearly $3 billion of assets in fewer than 12 hours to Coinbase.

Coinbase Custody, which is operated as a standalone, independently-capitalized business to Coinbase, will now will oversee Grayscale’s cryptocurrency holdings, including bitcoin, bitcoin cash, ethereum, litecoin, and Ripple’s XRP, among other major tokens, as well as Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to bitcoin and crypto through a market cap-weighted portfolio.

“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,” said Sam McIngvale, Coinbase Custody chief executive.

“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”

The move comes as bitcoin and cryptocurrency investors nervously look for signs of how global regulators will react to Facebook’s plans to launch its own cryptocurrency sometime next year, dubbed libra.

Expectations that some of Silicon Valley’s biggest companies, including iPhone-maker Apple and micro-blogging platform Twitter, are increasingly looking to bitcoin and cryptocurrencies as a potential source of revenue has been largely responsible for the rise in the bitcoin price so far this year.

Earlier this month, the New York-based Grayscale reported assets under management of $2.7 billion, an all-time high for the company and up three-fold on the previous quarter.

Last month, Coinbase, the largest U.S. cryptocurrency exchange and wallet service, boasted it has signed up 30 million users since launching in 2012, with eight million new users added over the last 12 months.

Meanwhile, Grayscale last week found that more than a third (36%) of U.S. investors would consider buying bitcoin, representing a potential market of more than 21 million investors.

“Since its introduction in 2009, bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience,” Grayscale reported.

“Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Grayscale To Move Billions In Bitcoin, Ripple’s XRP, Ethereum, And Litecoin To Coinbase In One Of The Largest Ever Crypto Transfers

Billionaire John De Mol Takes Facebook to Court Over Fraudulent Bitcoin Ads

John de Mol, a Dutch billionaire and media magnate, has recently sued Facebook over fraudulent bitcoin ads that showed him next to quotes about how much money he purportedly made investing in BTC with a company that was swindling users.

According to Reuters, De Mol’s lawyer has claimed the businessman, who created the reality show ‘Big Brother’ and is one of brains behind the Endemol entertainment studio, is suing the social media giant over damages to his client’s reputation, and over Facebook’s inability to stop the ads from appearing altogether.

De Mol’s lawyers would, as such, like to see Facebook automatically block ads featuring him and cryptocurrencies. The businessman’s lawyer further claimed consumers sent a total of €1.7 million (around $1.9 million) to the scammers, before Facebook reacted to complaints and removed the ads from its platform.

De Mol is also looking to get the names of those behind the fraudulent bitcoin ads, so he can hand them over to authorities. Jacqueline Schapp, one of his lawyers, argued that Facebook’s system of reacting to users reporting problems isn’t good enough.

I don’t know what reality Facebook lives in, but that doesn’t work.

Facebook’s lawyer, Jens van den Brink, revealed the company couldn’t be forced to monitor every ad that goes through it all the time, and that it’s “technically impossible” to block ads with De Mol’s name on it, as other people have the same name.

Van den Brink also added Facebook has met with Dutch financial market regulator AFM this month to discuss ways to combat scammers on its platform. It’s worth noting that Facebook banned cryptocurrency-related ads last year to stop them, but later on lifted the ban.

A judge at the Amsterdam District Court gave both parties two weeks to come up with a reasonable solution. If they fail to reach an agreement, the judge noted he would rule on the case.

This isn’t the first time celebrities are used to get users to buy into fraudulent cryptocurrency schemes through Facebook’s ads.

Source: CryptoGlobe

Indian Police Uncover Cryptocurrency Scam Involving BitConnect Promoter

Indian police have reportedly discovered an alleged multi-million dollar cryptocurrency scam, involving a BitConnect promoter, local media outlet the Times of India reported on June 3.

The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into “Regal Coin,” promising unrealistic returns of as high as 5,000% on investment. A CID official said that the estimated amount of the scam reaches into the tens of millions of rupees.

Per the CID, Darji began offering the investment scheme back in 2017, asking potential investors to buy the coin with an investment of $2 to get $100 on each Regal Coin. A CID official said that “Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days.”

The scam was discovered after a Surat resident, Vishal Savalia approached the CID saying that he had lost around $26,783 in the Regal Coin scam. A CID official further explained that “Savalia had allegedly given the money to Darji’s daughter, Dimki through another accused and Darji’s aide, Ramdayal Purohit and Dimki herself had downloaded Regal Coin app in Savalia’s cellphone and get him registered on its website.”

According to the police, only Purohit is presently under arrest, while Darji was released on bail a month ago and is on the lam. This is reportedly the third case involving Darji.

At the end of August 2018, Indian police arrested Darji for allegedly promoting BitConnect and scamming investors. Darji reportedly said that he had been the India head of BitConnect. The CID claims that staff at the BitCoinnect office in Surat admitted that promoters had amassed “crores of rupees from thousands of investors.”

In February of this year, India’s Union Home Minister Rajnath Singh inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre, with a special unit focused on cryptocurrency.

Source: Pivot – Blockchain Community

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