International bank JPMorgan will allow clients to buy Bitcoin, but will not offer custody services, according to the bank’s CEO, Jamie Dimon.

The CEO remains skeptical of cryptocurrencies, particularly bitcoin, but shows a slight openness, although he still considers the asset worthless.

Earlier this year, he called bitcoin a Ponzi scheme. However, now, thanks to the country’s moderate openness to cryptocurrencies, the bank will offer this new option to its clients.

JPMorgan has been emphatic that it will not directly store cryptocurrencies. “This decision appears designed to minimize the legal and operational risks involved in managing digital assets, especially in light of traditional financial sector regulations.”

M.Pino

Source: diariobitcoin

(Reference image source: IKECHUKWU JULIUS UGWU on Unsplash)

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La entrada JPMorgan to allow clients to buy Bitcoin apareció primero en Bitfinance.

The cryptocurrency market and specifically Bitcoin would experience a new boost in the month of August, according to JPMorgan analysts.

Currently, the main cryptocurrency on the market is facing bearish pressure that has prolonged a reduction in its value. But, this could change in August, allowing a recovery to get closer to $60,000.

This positive analysis was presented by Nikolaos Panigirtzoglou who, together with his team of researchers, highlighted that “net flows for Bitcoin could be reduced in the coming weeks, which would cause a significant amount of BTC to leave exchanges and go into private wallets, thus relieving sales pressure.”

Just to his team, the specialist highlighted that “the reduction in the estimated net flow is largely due to the decrease in Bitcoin reserves on exchanges during the last month.”

The downward pressure facing the cryptocurrency is driven by Bitcoin liquidations by creditors of the Gemini exchange, the Mt. Gox compensation process, in addition to “the continued sales made by the German government through major exchanges, this to “dispose of funds obtained after a large-scale seizure.”

M.Pino

Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada JPMorgan predicts a boost in the value of Bitcoin in August apareció primero en Bitfinance.

The leader of JPMorgan Chase, Jamie Dimon, voiced strong criticism against bitcoin and other cryptocurrencies during his remarks Wednesday at the U.S. Capitol, suggesting the need for their ban, CNBC reports.

“I have always been strongly opposed to cryptocurrencies, Bitcoin, and so on,” said the CEO of the leading US asset bank, answering questions from Democratic Senator Elizabeth Warren during the Senate Banking Committee session.

“The only real use it can be given to criminals, drug traffickers… money laundering, tax evasion. If I were the government, I would close it down,” Dimon added.

These statements represent Dimon’s latest offensive against cryptocurrencies, despite his bank’s strong involvement in blockchain technology, the engine of this industry valued at 1.6 trillion dollars.

On previous occasions, Dimon had described bitcoin as “an exaggerated fraud”, a comment he later retracted, as well as likening it to a “pet stone”.

During questioning by Warren and other bank executives at a routine hearing, it was agreed that cryptocurrency companies should be subject to the same anti-money laundering regulations as conventional financial institutions.

K. Tovar

Source: Bancaynegocios

(Reference image source: Precious Madubuike, Unsplash)

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La entrada CEO of JPMorgan issued criticism against cryptocurrencies apareció primero en Bitfinance.

The regulatory services of the United States have announced this Monday that JPMorgan has bought the assets of the First Republic bank after its intervention and closure “to protect depositors”, after becoming the third entity to fail in just two months in the North American country.

“First Republic Bank, of San Francisco, California, has been closed today by the California Department of Financial Protection and Innovation, which has appointed the Federal Deposit Insurance Corporation (FDIC) as receiver,” according to a statement published by the FDIC itself, which adds that “to protect depositors” it has proceeded to sell assets to JPMorgan Chase.

JPMorgan will “assume all of First Republic Bank’s deposits” and “substantially all of its assets” after submitting an offer to take over all of First Republic’s deposits. “As part of the transaction, First Republic’s 84 offices in eight states will reopen as branches of JPMorgan Chase, beginning today and during business hours,” it specified.

The FDIC has noted that “all First Republic depositors will become JPMorgan Chase depositors and will have full access to all of their deposits” at their current branch until the system changes are complete, while stressing that “deposits will remain FDIC insured and customers do not have to change their banking relationship to retain deposit insurance coverage up to applicable limits.”

The FDIC has also explained that both the agency and JPMorgan “enter into a transaction of shared losses on single-family, residential and commercial loans that it acquired from the former First Republic.” “The FDIC, as servicer, and JPMorgan will share losses and potential recoveries on loans covered by the loss-sharing agreement,” it said.

This is expected to “maximize the recovery of assets by keeping them in the private sector,” while adding that “the transaction is also expected to minimize disruption to loan clients.”

Finally, it has indicated that the decision “has involved a highly competitive bidding process” and “has resulted in a transaction consistent with the minimum cost requirements of the Federal Deposit Insurance Act. “The FDIC estimates that the cost to the Fund Deposit Insurance will be around 13,000 million dollars (around 11,821 million euros). This is an estimate, and the final cost will be determined when the FDIC terminates the receivership.”

Source: dpa

(Reference image source: Mariia Shalabaieva, Unsplash)

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La entrada JPMorgan buys First Republic bank assets apareció primero en Bitfinance.

JPMorgan intends to hire more than 500 people in Latin America in the next three years as it gains market share and takes advantage of the surge in the acquisition financing business.

JPMorgan’s hiring plans for the next three years will focus primarily on its Buenos Aires hub. The 500 new hires will add to the bank’s current 3,850 employees in Chile, Colombia, Peru, Argentina, Brazil and Mexico.

The bank’s executive director for Latin America and Canada, Alfonso Eyzaguirre, explained that these plans to increase the workforce are due to the good performance in the region, where the company had its best year in 2021 for all its business areas, with the exception of fixed income markets.

The bank’s staffing plans include hiring 80 engineers over the next three years for its payments business, which combines cash management, payment solutions and commercial services for corporate clients, financial institutions and Governments.

Consolidation in South America

About 450 of the new hires will be for the hub in Buenos Aires, where JPMorgan already has 2,400 employees serving corporate and investment banking functions globally.

The bank also plans to bring additional asset management products to Latin America, mainly exchange-traded funds, and is signing additional contracts with local distributors and using its own channels.

JPMorgan consolidated its position as the first bank in terms of fees for advice on mergers and acquisitions and for subscription of shares and debt in the region, with 239 million dollars. The region’s total fee pool rose 50% to $2.17 billion, the most since a record $2.68 billion in 2007, according to Dealogic data.

Source: dpa

La entrada JPMorgan will seek 500 employees in Latin America apareció primero en Bitfinance.

Blockchain technology continues to gain ground in the financial market. Siemens and JPMorgan Chase have entered into an agreement that will allow them to jointly develop a blockchain-based system for business-to-business payments and digital accounting.

The platform will aim, in principle, to automatically transfer money between Siemens’ own accounts, although initially they will only carry out transactions in dollars, estimating that during 2022 transactions in euros can be implemented.

For the Siemens group, the application will be aimed at executing, mainly, those actions necessary for the records and verifications of payments, reducing the work of the human factor that also delays the process in this type of operations.

For its part, JPMorgan will use its own Onyx blockchain as infrastructure, which was launched in 2020 as a network aimed at the exchange of value, information and digital assets, using next generation payment rails that induce the transfer of Courage at the right times.

In addition, the financial company is offering its JPM Coin system, which facilitates cash transactions 24 hours a day, using the company’s network, which has become the most attractive model for Siemens due to its operability, making the German group on the first anchor client of the Onyx network.

The system is in the process of development and the date of its launch is unknown, however, some sources consider that by the first quarter of 2022 it could be operational. With this synergy, it is demonstrated how the main companies in the world seek solutions based on blokchain technology.

M. Rodríguez

With information from specialized media in technology

La entrada Siemens and JPMorgan to launch blockchain payments system apareció primero en Bitfinance.

Morgan Stanley created a new research division that aims to investigate the development of crypto assets and for this it appointed Sheena Shah as the main cryptocurrency analyst.  Shah comes from playing a crucial role as Morgan Stanley’s “chief currency strategist covering G10 currencies for over eight years and contributed to the bank’s cryptocurrency-related research efforts.”

As part of her new responsibilities, Sheena Shah will focus on studying “the impact of cryptocurrencies on stocks and fixed-income investments, such as treasury and corporate bonds.”

The decision was disseminated through an internal statement to the staff of the financial institution, in which the bank’s board of directors stressed that the formation and launch of a group of people dedicated to cryptocurrency research is due to the increase and importance that has been obtaining this type of digital assets in the world market.

Morgan Stanley, for about a year, has been breaking into the digital asset market, increasing its direct manifestation to Bitcoin through different “Grayscale Investments investment funds”. According to unofficial information, the financial institution “allegedly introduced an investment tool in Bitcoin for millionaire clients.”

The information on the formation of this research group is provided at a time when the traditional financial system is creating and applying strategies that allow it to adapt to the new cryptocurrency market, which is growing surprisingly, “going from about 350,000 million from dollars a year ago to 2.1 trillion today.”

The largest banks in the US are creating a unit within their organizational structure for digital assets. In July the Bank of America instituted a cryptocurrency research division. Previously, State Street had announced its division on digital finance and the big Wall Street banks, JPMorgan and Goldman Sachs Group, also implemented cryptocurrency trading services in 2021.

M. Rodríguez

Source: cointelegraph

La entrada Morgan Stanley launches cryptocurrency research team apareció primero en Bitfinance.

International financial institutions are entering the blockchain ecosystem. This was highlighted in the research carried out by the Blockdata consultant, which reflects that “55 of the 100 main fundamental banks have investment participation in blockchain technology companies, crypto initiatives or specific projects through subsidiary companies.”

This trend has been increasing in the market of the cryptocurrencies for months, so financial companies are more focused on developing projects and initiatives related to crypto assets in order to provide better and innovative services to their customers.

The study also emphasizes that the custody service occupies 25 % of participation in the 100 larger banks. “Financing in startups blockchain has grown considerably, to double the levels reached in 2020″, stresses the Blokdata document.

The growth of the demand of users to invest in cryptocurrencies, the income that new companies in the sector have reported, as well as the regulatory and legal measures that States and Governments are taking with respect to the crypto coins are determining factors for the traditional financial sector to participate in this new market.

Blockdata said that within the actors who participated in the study are Barclays, Citigroup, Goldman Sachs, JPMorgan and BNP Paribas, which offer you, within its product portfolio, different investment initiatives in digital assets for its users.

M. Rodríguez.

Source: themoneypost.io.

La entrada Major international banks have investments in blockchain projects apareció primero en Bitfinance.

Wells Fargo’s high-value clients will be able to expose themselves to Bitcoin (BTC) and other cryptocurrencies. This was reported by a spokesman for the American multinational, joining the growing list of traditional financial institutions that offer investment opportunities in virtual currencies to their clients.

The information does not explain how the financial institution will carry out the process so that its users can invest in Bitcoin and other cryptographic assets, which could be through “the direct purchase of Bitcoin or through a second order of price exposure, like bitcoin in grayscale.”

As will be recalled, last May Wells Fargo’s investment research division, Wealth and Investment Management, reported that it had been working on the evaluation of a strategy that would allow it to incorporate cryptocurrencies for qualified investors into its platform.

It was estimated that for the month of June the institution would offer its new investment products in Bitcoin and cryptography, but it is now, a month and a half later, that clients will be able to invest in crypto through the company.

Institutional adoption of virtual currencies, especially Bitcoin, is growing and large traditional organizations are entering this market. Recently, JP Morgan Chase, an American multinational investment bank, also announced that its clients can be exposed to various crypto assets: Bitcoin (BTC ), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC).

M. Rodriguez

Source: crypto-economy.com

La entrada Wells Fargo offers Bitcoin transactions apareció primero en Bitfinance.

The Bank of France and the Monetary Authority of Singapore (MAS) are jointly testing digital currencies issued by central banks, according to a joint statement.

Both institutions ensured that the cross-border settlement and payment experiment carried out with a cbdc was successfully completed.

These tests were carried out thanks to the help of JPMorgan’s digital currency division, Onyx, who helped simulate cross-border transactions as they occur in the real world, but this time with cryptocurrencies.

These final tests are part of the Bank of France’s experiment program, to be able to successfully complete it by the end of 2021.

K. Tovar

Source: Banque de France

La entrada France and Singapore jointly test cbdc apareció primero en Bitfinance.