CEO of Ripple says JPM Coin won’t be used by other banking giants

Summary:

  • SWIFT, Singapore Exchange and four major banks to test a blockchain voting platform
  • Garlinghouse says JPM Coin will not be rather used by other banking giants
  • Litecoin closed yesterday’s trading above $55

Wednesday was not so successful for the cryptocurrency market as Tuesday. Nevertheless, major virtual currencies managed to deliver some rises during yesterday’s trading. When we take a look at today’s candlesticks, we could observe that cryptos have been trading quite calm so far. However, it is worth noting that Litecoin has touched price levels not seen since early October. According to CoinMarketCap, the capitalization of the whole crypto market stands a little below the $134 billion handle whereas the market capitalization of altcoins sits a little below the $65 billion mark.

Bitcoin (BITCOIN on xStation5) moved higher yesterday, but the scale of its increase could be described as slight. The largest cryptocurrency is trading around the $3835 handle at press time. Source: xStation5

CEO of Ripple thinks JPM Coin will possibly not be used by other major banks

Brad Garlinghouse, the CEO of Ripple (the San Francisco-based company behind the cryptocurrency), made some remarks on the JPMorgan’s coin during DC Blockchain Summit in Washington. The CEO of Ripple said that presence of JPMorgan as a player in this topic is great, as Coindesk reports. However, Garlinghouse added at a different conference that JPMCoin will not be rather used by other major banks. He thinks that distributed ledger technology may solve problems which could not be solved by stablecoins. As a result, players based on stablecoins may struggle to resolve them.

Wednesday’s trading was quite calm for the second largest virtual currency. However, Ethereum (ETHEREUM on xStation5) managed to provide a slight rise during yesterday’s trading. Source: xStation5

Major banks, SWIFT and Singapore Exchange to test a blockchain-based voting system

Major banks (Deutsche Bank, DBS, HSBC, Standard Chartered Bank), SWIFT and the Singapore Exchange will test a blockchain-based voting system, as the SWIFT reported on Tuesday. A paper-based voting is often quite non-transparent and inefficient. Thus, “the expression of shareholders’ rights is often limited”, as the Lisa O’Connor, the Managing Director of SWIFT in Asia Pacific, said. She added that “the emergence of blockchain technology is a new opportunity to look at improving these processes”, as we could read in the SWIFT’s press release.

Litecoin (RIPPLE on xStation5) experienced another large rise on Wednesday. What’s more, the cryptocurrency has touched the higher price levels since early-October during today’s trading. The digital currency is moving around $55.5 at press time. Source: xStation5

Mizuho’s J-Coin doesn’t use crypto or blockchain

Additionally, it is worth noting that Mizuho Bank has not launched its own digital currency, according to Quartz. J-Coin, which we wrote about some time ago. Instead, it uses QR-code system to process payments. As we could see, crypto-related rumours, even so popular, could be false.

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