JP Morgan Created First US bank-backed Cryptocurrency
Engineers of JP Morgan created the “JPM Coin,” a digital token that will be used to instantly settle transactions between clients of its wholesale payments business. The trials set to start in a few months. Only a tiny fraction of payments will initially be transmitted using the cryptocurrency, but the trial represents the first real-world use of a digital coin by a major U.S. bank.
Crypto Exchange Binance is Still Profitable ‘Even in This Bear Market’
Ethereum Opens Regional Office in China
The Enterprise Ethereum Alliance is opening a regional office in China. Weijia Zhang, vice president of engineering at blockchain interoperability startup Wanchain, has been appointed as the head for the new regional office. Zhang will reportedly be responsible “for supporting the advancement and adoption of EEA’s standards by taking part in local hackathons, workshops, training sessions, and conferences.”
The EEA itself is “a member-driven standards organization whose charter is to develop open, blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide.”
Iran is Working with Crypto Startups as Part of Its Blockchain Embrace
The Central Bank of Iran unveiled plans for a more comprehensive cryptocurrency program at Tehran’s Electronic Banking and Payments conference. One of the initiatives is the Kuknos protocol, which was funded with government approval by private banks and granted permission to issue a gold-backed token called Paymon. A complementary infrastructure project called Borna is being developed in a private-public partnership and is funded directly by the Central Bank of Iran.
Institute of Decentralized Economics Launches in
UK to Study Blockchain
The Institute of Decentralized Economics has opened in London, the United Kingdom on Feb. 14. It’s
Venezuelan Crysis Provoked an All-time High Bitcoin Trading
The amount of bitcoin traded in crisis-stricken Venezuela has exploded to reach an all-time high. In the last week, the amount of Bitcoin traded in the oil-rich, but cash-poor, country has soared by 30 percent to 2,454 bitcoins. That’s equivalent to approximately $8.95 million per week and $1.29 million per day. Bitcoin is currently trading at $3,553. The spike in weekly bitcoin trading volumes appears to show residents in Venezuela are opting to hold the world’s most popular cryptocurrency instead of their own national currency as a store of value.