Kategorie: Crypto Business

• JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019.
• JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems.
• Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.

According to a Bloomberg report, JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain-based payment system, JPM Coin.

The news comes shortly after JPMorgan Chase was fined $4 million by the US SEC for mistakenly deleting 47 million emails dated between January 1 and April 23, 2018. The emails were reportedly deleted in June 2019 According to US securities laws, financial firms including banks, are required to keep business records for three years.

JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, claims that JPM Coin started accepting euro transactions on June 21. According to Toprak, the platform’s first euro payment was made by the German conglomerate Siemens AG.

JPM Coin

The JPM Coin was launched in October 2020 as part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems. The JPM Coin is the cryptocurrency of JPMorgan’s Onyx blockchain.

So far, JPM Coin has processed more than $300 billion worth of transactions, making it one of the most used blockchains by a traditional financial institution.

JPM Coin enables the institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.

JPM Coin enables the institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.

JPMorgan’s Onyx Coin Systems

JPMorgan launched Onyx Coin Systems in 2020, aiming to improve the quality of wholesale payment transactions.

As of April 2023, Onyx had processed nearly $700 billion worth of short-term loan transactions.

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• Robinhood has seen some decline in monthly active users.
• Its crypto trading business revenue has also declined following the recent crypto price decline.
• The X1 acquisition will help Robinhood diversify and broaden its product offerings to entice a larger market.

The well-known cryptocurrency and stock trading app Robinhood plans to expand its product line by purchasing credit card startup X1. The $95 million deal will give Robinhood a new source of income and strengthen its ties with current users.

With the help of the income-based credit card from X1 and special options like rewards, a risk-free trial, and one-time use cards, Robinhood hopes to improve the ecosystem of its financial services.

Robinhood success in diversifying its business portfolio

Robinhood has made significant progress in diversifying its business portfolio as part of its ongoing efforts to grow outside of its primary trading platform and the acquisition of credit card fintech X1 is a significant step in this direction.

X1 joins several other firms that Robinhood has acquired, including MarketSnacks, Cove Markets, Binc, Say, and Ziglu. The acquisitions are geared towards helping Robinhood realize its goal of offering a full range of financial services.

By entering the credit card market, Robinhood hopes to increase its revenue and strengthen its ties to its sizable user base. The company understands the value of diversification to maintain long-term growth in light of the decline in monthly active users and revenue decline in its crypto trading business. The company’s strategy of broadening its product offerings and enticing a larger market is consistent with this acquisition.

About Credit Card startup X1

The credit card fintech X1 that Robinhood is buying has drawn a lot of interest from the financial technology community. The startup boasted an impressive waiting list of 500,000 people eager to get its credit card in 2022. This demand highlights the market’s appetite for cutting-edge credit card solutions and points to X1’s potential for expansion.

A wide range of customers can access credit using the income-based credit card that X1 offers by using it in accordance with their income levels. Additionally, X1 sets itself apart with functions like rewards, free trial cards, and single-use credit cards. These special offers give cardholders more flexibility and convenience, which improves their overall financial experience.

X1 received $62 million from well-known VC firms like Craft Ventures, Soma Capital, and FPV in recent funding rounds showing that investors have a lot of faith in the startup’s mission and prospects for success. Furthermore, the involvement of Wesley Chan, an investor in both X1 and Robinhood, emphasizes the similarities and shared commitment to innovation between the two businesses in the financial services industry.

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• CACEIS Bank is the asset servicing unit of Crédit Agricole and Santander.
• The company is registered as a Digital Assets Service Provider by France’s Financial Markets Authority.
• The approval allows CACEIS Bank to offer crypto custody services in a regulated environment.

One of the biggest crypto news today is that CACEIS Bank, the French banking entity of European banking giants Crédit Agricole and Santander, has been granted the first digital assets custody licence in France.

The asset servicing provider, with €4.6 trillion ($5.1 trillion) in assets under custody, secured the Digital Assets Service Provider (DASP) registration from the Financial Markets Authority (AMF), France’s markets regulator. Details on the AMF website shows that CACEIS received the PSAN nod on June 20.

According to a press release published on Thursday, the licence now means it can offer its digital asset custody services to the growing number of investment management firms and institutional investors. PSAN is CACEIS’ first milestone in the quest to provide innovative crypto custody products.

“In practical terms, we will provide secure storage for our clients’ private digital keys leveraging state-of-the-art technology,” Arnaud Misset, CACEIS’ Chief Digital Officer said.

👏We are proud of this important achievement! We are now the 𝗳𝗶𝗿𝘀𝘁 custodian in France to obtain the PSAN registration.
The PSAN status enables CACEIS Bank to offer #DigitalAsset custody services to third parties. https://t.co/Ocw2mgKCHF#SecuritiesServices #AssetManagement pic.twitter.com/B2avgDxw4l

— CACEIS (@CACEIS) June 22, 2023

Major financial institutions embrace crypto

CACEIS Bank’s registration adds to the French regulators’ approval of crypto related services for finance giants, including Societe Generale’s Forge and AXA Investment Managers.

It comes as several global financial institutions embrace crypto, with US-based behemoth BlackRock sparking the influx with its spot Bitcoin ETF filing. The growing list now includes Fidelity Investments, Deutsche Bank, Vanguard, WisdomTree, Invesco, and Schwab.

The French giant’s regulatory milestone also comes amid a greater push for regulatory clarity, with the European Union’s MiCA currently the most comprehensive and expected to come into effect in 2024. The UK is in the final stages of passing its Financial Services and Markets Bill (FSMB), which was this week voted through by the UK parliament’s Upper chamber, the House of Lords.

In the US, the Securities and Exchanges Commission (SEC) has recently intensified its crackdown with lawsuits against Binance and Coinbase. However, with focus on the industry, experts are optimistic clarity will soon follow.

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• Atriv is an AI-powered digital art platform that allows for creation of NFTs from text.
• Flare is a data-focused L1 blockchain that offers a highly scalable and interoperable network.
• The partnership will see Atriv tap into Flare’s features to bring its no-code prompt generated NFTs to the Flare ecosystem.

Atriv, an artificial intelligence (AI) powered digital art platform and Flare, a data-focused Layer 1 blockchain network, have partnered in an initiative aimed at building out the Flare NFT ecosystem.

The partnership will see Atriv bring its AI-generated NFTs to Flare, and will tap into the Layer 1 blockchain’s native interoperability to simplify the creation and issuance of NFTs.

Artists and businesses to easily create and trade AI-powered NFTs

The AI revolution continues to disrupt all manner of industries across the world, and its adoption in the world of NFTs is behind the collaboration between Atriv and Flare. 

In their announcement today, the two platforms said their integration will make it easy for artists, businesses and collectors looking to create, issue, and trade AI-powered NFTs, the platforms said in a press release shared with CoinJournal on Thursday.

Specifically, the partnership will see Atriv bring its unique, no-code prompt-generating NFTs to the Flare network. Users will enter text into a generator and get unique AI-powered NFTs. 

“Our collaboration with Flare is a strategic decision driven by our shared vision of harnessing cutting-edge technology to reshape how digital art is created and shared,” Abel Sebhatu, CEO & co-founder of Atriv, noted in a statement.

He added that Atriv will benefit from Flare’s data-centric L1 blockchain, tapping into its scalability and security to bring the future of NFTs to the community. This will happen via simplified integration and creation, leveraging cross-chain capabilities to allow users mint NFTs on Flare and payment on another chain like Bitcoin, Litecoin and Dogecoin.

Atriv offers a dynamic marketplace where ecosystem players can trade AI-powered digital art.  The platform’s other features include a white-label collection, IPFS decentralised storage and customisable storefront pages.

The features are critical to the digital art creation ecosystem, making it easier for participants to tokenize and trade NFTs amid rising adoption.

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• Binance Labs and CoinFund led several venture firms in raising a $10 million round for Neutron.
• Neutron is a Cosmos-based smart contracts platform that launched its mainnet in May.
• The platform will use the funds to further its development and adoption across the ecosystem.

Crypto exchange Binance’s venture capital arm Binance Labs and Web3-focused venture firm CoinFund co-led a $10 million funding round for Cosmos-based smart contracts infrastructure Neutron.

The seed funding round also attracted the participation of Delphi Ventures, LongHash and Nomad, according to details of the funding round reported by The Block.

Neutron is a cross-chain smart contract blockchain that uses CosmWasm, a computational feature in the Cosmos ecosystem that allows for cost-effective creation and deployment of dApps. The platform, whose mainnet launch was in May this year, will use the funding to enhance its software development and promote further adoption as demand for layer-2 solutions and appchains grows.

With its Replicated Security layer, Neutron makes it easy for developers to build consumer chains, the first in the Cosmos ecosystem.

Neutron Coin (NTRN), the blockchain’s native token, traded at around $0.00088964.

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