#Banking JP Morgan Stable coin: All you need to know about JPM coin. Published 3 months ago on February 15, 2019 By Layla Harding Share Tweet The world has seen a significant transition of cash currency to digital currency in the last few years. There has been a lot of innovations, new technology has evolved, new platforms have been developed etc. The competition in this space is very rigorous and this has impacted a positive future of digital currency. In midst of all these inventions, one of the largest financial banks of worked JP Morgan has launched is own digital asset, known as JP Morgan Stable Coin. Since for the very first time any digital assets has been launched from such a big organization, most of the people are confused about the JP Morgan Stable coin. In this article, we will discuss 15 interesting points about JP Morgan Stable coin. 1. It is mainly designed to transfer fund across the globe instantly. Normally, it takes some time to transfer fund at international level but with the evolution of JP Morgan Stable coin, the value can be transferred easily and instantly, though it would be only for JP Morgan customers. 2, It is not a true cryptocurrency. As per most of the cryptoanalyst, there should not be any confusion about the fact that JP Morgan Stable coin is not a cryptocurrency. For a currency to be called as a cryptocurrency, it must be open and don’t need permission to be downloaded, rather it could be downloaded using a platform. JP Morgan Stable coin doesn’t qualify these criteria. 3. Not everyone would be using these coins at the initial stage right now. Only wholesale customers of JP Morgan bank would be able to access these JP Morgan Stable coin at this initial stage. Also, before using these coins, these customers would have to take permission from the bank itself. At this stage, you can’t use these coins without permission. 4. It works on a private and permission blockchain technology known as Quorum which developed by the JP Morgan itself with the help of another mega company of crypto space, Ethereum Enterprise Alliance. This technology is as easier as a Google sheet rather a bitcoin. Also, these stable coins will issue by the JP Morgan bank itself. 5. It is a direct competition to Ripple. Ripple which bags the third largest market cap in this crypto space has been solely providing the service of transfer of payments from one country to other at a very fast rate. Now after the evolution of such same service by JP Morgan, Ripple would be surely affected. 6. This JP Morgan Stable coin would finally be tied up with the dollars. Eventually, it is designed to enable the institutional customers of the JP Morgan bank to perform the instant transfer the payments among each other. 7. The JP Morgan Stable coin removes the trust problem even if for every minted stable coin, really one US dollar is held. This makes this project quite worthy and a bigger one as the above problem was haunting for a very long time for minting the stable coins. 8. Every person/organization that would be going to use the JP Morgan Stable coin would have to complete the process of verifications such as Anti Money Laundering (AML) and Know Your Customer (KYC). This would reduce the chances the fraud and scams in any kind of related transaction using JP Morgan Stable coin. 9. There would be a low risk of the closing of the coin issuing authority as in the case of JP Morgan Stable coin, the issuing authority is a financial entity having a yearly revenue of around $109 billion. This gives financial trust to people who are going to use these JPM coins. 10. JP Morgan Stable coin is presently designed for movement flows of one business to other business. As per one of the official, it would be made for individual use on the analysis of various factors like user response, efficiency profit, and cost-savings. 11. It will be under the supervision of high-quality securities and robust regulators and norms of the JP Morgan Bank which make it more secure and trustworthy digital coin as compared to other digital coins. 12. It is the first time in the history of United States banking that any such big bank has created and successfully tested a digital coin representing a fiat currency, dollar. JP Morgan became the first United State bank to achieve this milestone by creating this JP Morgan Stable coin. 13. The CEO of JP Morgan has once thrashed his opinion about the crypto world and bitcoin. He had used words like fraud and stupid saluting crypto coins. Now, as his bank announced the digital coin, most of the crypto world critics are slamming him and calling this newly launched JPM coin as a weak and fraud competitor to bitcoin. 14. With the evolution of JP Morgan stable coin, the clients would be able to use this coin to replace the US dollar that they have in their bank account to other similar accounts across the world. This will allow them to transfer the money with greater fluidity. 15. People must not be confused that JP Morgan Stable coin because of it, not a cryptocurrency, it is not decentralized, it is not open as well as it is not borderless. As per the officials of JP Morgan, it is a stable digital coin for replacing dollars and for fast payments. 15th February 2019 was a huge day for the crypto and digital world. The announcement of JP Morgan Stable coin set up a new milestone for instant payment across the world and the replacement of cash currency. It has promised a lot of things, let us see whether in future it is able to fulfill all its promises and give a tough competition to Ripple. Related Topics:BitcoinBlockchainBlockchain Technologycryptocrypto spacejp morganJP Morgan bankJP Morgan bank cryptocurrencyJP Morgan ChaseJp Morgan coinJP Morgan cryptocurrencyJP Morgan stable coinJP Morgan stablecoinJP Morgan tokenstable coin Up Next 10 facts that prove that Craig Wright is not the real Satoshi Nakamoto Don't Miss Security Token Offerings: 15 reasons why STOs will replace ICOs Continue Reading Advertisement You may like Circle Fires 30 Employees due to Regularity and Market Conditions NYAG Case: Bitfinex and Tether Argue for Case Dismissal Craig Wright registers Copyright for Satoshi Whitepaper: BSV Surges 85% The Current Bitcoin Market Scenario: Price Manipulation by Whales ETH to USD, 21 May: Ethereum Price Analysis, What’s Next? BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000? 3 Comments 3 Comments Pingback: All you need to know about JPM coin. – Stablecoin Guide Pingback: JP Morgan Stable coin: All you need to know about JPM coin. - Satoshiuncle Real Satoshi February 17, 2019 at 4:17 pm Whoever thinks this centralized coin will be a threat to Ripple missed the point completely Reply Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Banking Explained: How Ripple Works with Banks Published 3 months ago on March 4, 2019 By Ruchi Ramaswamy Ripple is a payment processing technology that integrates directly with banks and other affiliated institutions, with faster processing times and lower costs than PayPal. As such, most Ripple processing power comes from institutional gateway users who use Ripple to process payments. Unlike most blockchain technologies, which are secured by a decentralized miners ‘network, Ripple is protected by a network of server validation with an internal ledger that guarantees transactions based on consensus. The Ripple is mainly a payment processor and currency exchange, and the XRP is a currency, but secondary to the Ripple’s mission. In 2014, several banks and payment processors signed up to use Ripple in a test capacity after which the adoption has been on a continuous rise. RippleNet: The Ripple network, RippleNet, provides companies and financial institutions with a range of services to support cross – border payments. Ripple also boasts versatility, the ability to help large financial institutions and its fast transaction time. Bitcoin is entirely decentralized, as it has been done to allow financial transactions without the need for external companies such as a bank. By creating its digital token to assist in the transfer of assets, Ripple is committed to supporting existing financial systems and improving their global transaction capabilities. Many people wonder what makes the wave different from a company like PayPal or Stripe when it comes to processing payments. While PayPal and Stripe are directly applicable to consumer solutions, Ripple works more as an infrastructure for banks than as a stand-alone solution. Ripple is a private company whose goal is to create and enable a global network of financial institutions and banks. Essentially, Ripple is taking a stand against what they call the “walled gardens” of financial networks made up of banks, credit cards and other institutions like PayPal. While Ripple focuses on helping large banking institutions, the XRP is in tune with the little boy in an attempt to bring banking the unbanked. The success of Ripple ultimately depends on the number of partners on the RippleNet ( which has been steadily increasing over the last year ), the number of people using the Ripple product and the effectiveness of XRP. Ripple for banks, not against banks Unlike Bitcoin, which aims to eliminate banks as intermediaries, banks are the biggest users of Ripple. Ripple is used by banks to make international payments faster, cheaper and more transparent. Instead of competing against the current banking Goliaths in the sector, Ripple’s plan is to partner with the world’s leading financial institutions to offer a blockchain solution. According to Ripple, a member of the global network, financial institutions can process customer payments worldwide immediately, safely and cost-effectively. Instead of converting US Dollars into other currencies, taking into account changes in exchange rate margins, processing fees and slow transaction times, Bank A can transfer 5 million dollars of XRP to Bank B’s Ripple portfolio, which can then be converted into local currency. Designed for businesses, payment providers and banks, Ripple is a payment interface designed to facilitate the use of xcurrent and xrapid. Ripple offers a distributed payment network for fast and affordable cross – border transactions and also relies on its own home currency, XRP. If more banks join the network, this may lead to increased demand for XRP and encourage other banks to join the platform. Ripple is a major player in the cryptocurrency world, thanks to its strong financial support and strong financial support. Alternative to SWIFT The transducer for cross – border payments for banks, xcurrent, provides an alternative to SWIFT payments between banks and payers in different countries. Ripple describes xcurrent as a global system of real-time gross settlement (RTG) – the same label that the world’s central banks use to describe their own settlement systems. The ripple software then controls the funds in the relevant banks and updates the accounting books of each bank to carry out the payment, the company says that the settlement process is completed in seconds. Street banks are usually the worst for this, but even services such as PayPal are very expensive – it costs about 2. 9 % to make an international payment with PayPal. ‘Ripple is for banks what the Internet is for the world, and they call the concept “Internet of Value “.’ The ripple XRP network is used and tested by financial institutions and banks to distribute and settle international payments more efficiently. As you can see, the XRP coin is progressing enormously with strategic partnerships and is accepted by a wide range of organizations. The primary objective of ripple is to create a global billing network for more efficient transactions between financial institutions around the world. Xrp is the name of the digital currency that makes transactions on the Ripple network easy. XRP is a stand-alone digital asset that facilitates transactions on the Ripple network, acting as a bridge between several fiat coins and as a source of liquidity. Continue Reading #Banking XRP Adoption: SBI CEO says banks should use XRP by 2025 Published 3 months ago on February 27, 2019 By Layla Harding Ripple‘s XRP token currently bears further uplifting news as SBI which is a Ripple enthusiast has planned to have a few banks in Japan and utilize the token by the 2025 Osaka Expo. The President of SBI Holdings and also the Representative Director of Yoshitaka Kitao said recently that the SBI VC Trade will be going live in the of March, which implies that the confirmed individuals will almost certainly buy the XRP token, among different tokens, with the Japanese Yen (JPY). As soon as the order books will go live then the Japanese market will be having some extra liquidity that will take into account substantial volumes of cross-outskirt exchanges by the gathering of banks. The VCTrade platform has been foreseen for quite a while. Nonetheless, the most intriguing goody of data from the declaration is that the SBI will likely have Japanese banks to utilize the XRP token by 2025, in time for the 2025 Osaka Expo. SBI has also made a consortium of a few banks, which will no uncertainty encourage this driven offer to have such a large number of banks to use XRP. The SBI President referenced that the organization was dealing with an “S Coin Platform” that would also help in the issuing of digital currency, which he plans to convey as a platform for payments to the Osaka Expo in 2025. Yoshitaka Kitao on Bitcoin and XRP Kitao has further claimed that the Bitcoin has no fundamental value about which an opinion is shared by the Warren Buffett which states that the XRP is the number one crypto asset. Kitao is bullish on XRP and has in the past owned a few certain expressions on the development of Ripple and it’s cost. Continue Reading #Banking Twitter Poll: People Prefer Banks Rather Than Crypto Exchanges Published 3 months ago on February 26, 2019 By Nadja Eriksson A recent Twitter poll was started by Ran Neuner who is also the host of CNBC Crypto Trader Show which resulted in favor of the banks as most of the people seem to prefer banks over crypto exchanges as means of saving their money rather than that of Crypto Exchange. Cryptocurrency exchanges may still have a long way to go but not for now. The most awaited result of this poll was that 68% of 9,734 voters still prefer to put their money in traditional banks rather than putting it on crypto exchanges. It is not like that people don’t want Crypto exchanges, 32% preferred cryptocurrency exchanges. The result of this poll could be predicted by anyone who is following the episode of the cryptocurrency industry from last year. There are many crypto exchanges which were hacked and have caused the loss of millions of dollars of the users and in many cases, there is no way of getting those funds back. One of the recent news of these hacks is the Cryptopia hack which is in New Zealand. This hack has led to the loss of about $16 million worth of ERC20 tokens alone. After this horrible incident, users at this moment are not sure if they will ever get their funds back. Recently a Canadian cryptocurrency exchange QuadrigaCx is not letting the users access their funds because the CEO passed away with the private key which is known only to him. As a matter of fact, the case is still engaged in long and careful consideration to decide if it was really the death of the CEO or an exit scam that has locked away $190 million in crypto assets. These problems continue in increasing the doubt regarding the cryptocurrency industry as a whole and keeps the world away from it. The primary advantage of the cryptocurrency should be the safety of users’ funds and if that cannot be guaranteed then people would instead stick to the system about which they are more familiar with, at least no traditional bank has been hacked and funds are lost. Honestly, there isn’t much difference between the two. It is because most of the exchanges are centralized, but even worse is the fact that hackers can shut down an exchange like Mt Gox. This should definitely be a challenge for the industry to pull up the socks and make sure that these exchanges are secure and the information of the users can be confident. Until or unless this goal is achieved, the industry may continue to sneak as far as mainstream adoption is concerned. 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