JPMorgan Chase Launches Its Own Cryptocurrency: ‘JPM Coin’

JPMorgan Chase, the largest U.S. bank (and the world’s sixth largest), has created its own cryptocurrency, a stablecoin called “JPM Coin.” According to CNBC, J.P. Morgan “moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business,” and in a few months, it will start trials for use of this new cryptocurrency for instant settlement of payments between its clients. The report says that J.P. Morgan is for a future blockchain-powered world, but before that happens………..

Source: CryptoGlobe

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Why Need Real ATMs for “Unreal” Money?

Over the last three years, the number of cryptocurrency ATMs has increased by 700%. This is indicated by data from the DRIVE Markets exchange. According to the company’s research, on January 1, 2016, 501 automatic teller machines for digital coins were in operation, and in 2019, the figure has reached 4,128. Experts believe this trend is related to the growing popularity and confidence in the crypto industry and the simplicity and accessibility of the devices compared to digital assets exchanges…………….

Source: Why Need Real ATMs for “Unreal” Money?

This week’s bad news for exchanges has been terrible for crypto

The disastrous and seemingly unending hack which devastated New Zealand exchange Cryptopia was only the first in a series of bad news coming from various crypto exchanges the past week, with Canadian exchange QuadrigaCX ‘losing’ about $190 Million worth of crypto following the death of a founder and the subsequent loss of access to a private key, as well as the sudden and unexpected insolvency of Coinpulse……………

Source: This week’s bad news for exchanges has been terrible for crypto

$190 Million in Crypto Gone Forever, How Canada’s Biggest Exchange Lost All of It

QuadrigaCX, the largest bitcoin exchange in Canada, has lost $190 million worth of crypto after it lost access to its cold storage wallets. An affidavit filed on January 31 with the Supreme Court of Nova Scotia revealed that $190 million in Bitcoin, Bitcoin Cash, Bitcoin Cash SV, Bitcoin Gold, Litecoin, and Ethereum were lost. How Did the Bitcoin Exchange Lose All of its Crypto Funds……

Source: $190 Million in Crypto Gone Forever, How Canada’s Biggest Exchange Lost All of It

Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges

Cryptocurrency exchanges have closed 2018 with “record transacting volumes,” according to a report by research firm Diar published Jan. 14.In its report, Diar notes that both the number of trades and the trade volume have increased on major crypto exchanges in 2018, compared to 2017 figures. The firm predicts that 2019 will see lower figures for spot markets than in 2017, despite the likely increase in the variety of traded cryptocurrencies………..

Source: Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges

Lack of Knowledge, A Hindrance for Investment into Crypto-Space – eToro survey – TokenPost

Year-2018 has almost been a bearish trend for bitcoin, $3,215.20 level is proven to be the strong support for BTCUSD that seems to be the bottom for now.Well, it’s all green on the crypto street after quite some time, as a result, recent rallies seem like bulls have just hit the floor.A new survey from leading investment platform eToro divulged that the education is the biggest obstruction for preventing online investors from purchasing cryptocurrencies.

Source: Lack of Knowledge, A Hindrance for Investment into Crypto-Space – eToro survey – TokenPost

Survey: 25% of Millennials Use Cryptocurrency; 30% Want to Learn More – Jodie Lauren Smith

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Millennials, usually categorized as anyone born between 1981 and 1996, are sticking to cryptocurrency and continuing to stay turn away from traditional investing.

Why Millennials like Cryptocurrencies

Millennials are the first generation to grow up in a digital age. Millennials order their food online, their taxi’s, connect with their friends, maintain their business networks and get their entertainment online. This desire for the digital makes cryptocurrencies an attractive choice for millennials.

Cryptocurrencies are an exciting new technology, but they are also somewhat risky and volatile. This means that it’s an attractive choice for young people testing the waters, wanting to see where it can lead. People who are older and are settled down with a mortgage and children are less likely to want to partake in risky behavior because negative results will be further reaching for them.

Millennials also mistrust financial institutions. According to a 2016 LinkedIn research study, 71% of millennials would rather see a dentist than listen to what a bank has to say. 68% also believe that in the future money will be accessed in a different way than it is currently. This suggests that it’s not just the mistrust that is turning millennials away, but also the hope for a better way of doing things. For many millennials, Cryptocurrency offers this hope.

What Does the Future Look Like?

Around 25% of millennials recently surveyed said they are using cryptocurrency, and 30% said they want to learn more about it. A survey conducted by YouGov, with 1200 participants, found that 48% of American millennials are interested in converting to cryptocurrency over the US dollar, compared with 36% for all of the respondents. The question was aimed at people who believe cryptocurrency will become widely accepted.

We can assume with some confidence that Generation Z, the generation after millennials, will follow this trend since they too have grown up in a digital age. These generations will likely drive the move to cryptocurrencies and away from traditional banks. If traditional banks want to survive, they will have to adapt their strategies to make them more appealing to the economically active generations who distrust them, or they could see themselves left behind.

Many banks are already making this move towards a crypto future. JP Morgan, HSBC and several huge Chinese banks already have blockchain technology up and running. It doesn’t look like this trend is going to reverse so banks need to adapt to survive to this new demand for digital currency or become fossils of financial institutions from a time gone by.

 

 

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