JP Morgan, the American MNC bank, has added another glory to its books of accomplishments. It is now the first bank in the United States to have taken steps towards creating its own digital money. We must note that JP Morgan currently enjoys the status of being the largest bank of the United States.
‘JPM Coin,’ JP Morgan’s official crypto, has already been developed on the platform of the blockchain. With this, the bank is all set to substitute certain technologies like global payments and wire transfers by offering swifter settlement duration.
The move comes as surprising since Jamie Dimon, the firm’s CEO, was seen slamming bitcoin back in 2017 during some of his interviews, terming the bitcoin as fraud in addition to saying that the coin would blow up after a point.
As per the information received, initially, the bank’s crypto coin will be available only for B2B activities. The coin will be issued on the Ethereum based enterprise-centered version called Quorum. It was the bank that developed such a platform.
This new development has acted as a confidence boost for the digital asset world. Earlier, Goldman Sachs had invested in “Circle” that went on to buy Poloniex exchange as well as launched the USDC stablecoin later on.
The previous week also witnessed one more important development. The 2nd biggest stock market in the world Nasdaq was in the process of launching the up and coming tracking indices for Ethereum as well as Bitcoin. Last year in December, there was an official announcement by the company that they were on their way of introducing Bitcoin futures somewhere in the 1st half of 2019.
Now let’s look at how the leading cryptos have performed the past week:
Ethereum’s price secured a place in the leading 20 throughout the past 7 days. With an increase of 13%, it went on to become the best performer for the week. In the past 24-hour period, ETH has recorded a trading volume of $5 billion. It was trailing behind Tether and Bitcoin with $7 billion and $14 billion, respectively. Bitcoin experienced a rise of just 2.6% and traded flat during the week.
As the JPM Coin is being issued on the Ethereum-backed blockchain, things might turn brighter for this digital currency in the near future.
With a 50% increase, WAX or the Worldwide Asset Exchange became one of the leading performers for the week in the topmost 100 coins. WAX is a peer-to-peer platform for trading virtual things. It is initially targeting the gaming sector (having huge potential in the in-game purchase market) as there are about 400 million gamers online. The market, as per the WAX officials, is worth about 100 billion dollars.
Thanks to its highest ever figures of $2.77, WAX is currently stationed at the spot of 72 on the largest coins’ list. It has 48 million dollars of market capitalization at present. Currently, the crypto has 937 million coins as its entire supply and has the potential to double up to 1.85 billion.
Making a place in the good performer list is MOAC that recorded more than 30% increase. Its current trading price is 0.62 dollars which were once down to 0.40 dollars during mid-December. With a market capitalization of 38 million dollars, MOAC currently sits at the position of 82 in the list. The crypto coin has just half of its whole strength of supply currently in circulation.
Considering the current scenario, things are looking quite positive for the cryptocurrency market and with the entry of JP Morgan’s coin, the momentum is likely to be continued.