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The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what is perhaps the most profound development since tAs cryptocurrencies go mainstream battle is on to bring them under global control
The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what is perhaps the most profound development since the birth of cryptocurrencies through the launch of bitcoin a decade ago. JP Morgan Chase has been leading the way, having announced JPM Coin earlier this year, the first cryptocurrency issued by a big international bank. When trials begin in the coming months, each JPM Coin will be redeemable for one US dollar, protecting this cryptocurrency from the volatility characteristic of the likes of bitcoin. One of the main reasons for JP Morgan launching these coins is to offer large corporate clients a way of making international payments in real time. This could gradually replace the current global interbank funds transfer network known as SWIFT, whose wire transfer payments can sometimes take a whole business day to settle. A few weeks later, the IMF and World Bank jointly announced the launch of Learning Coin, a private blockchain and quasi-cryptocurrency designed to help them better understand the technology. Facebook, too,... Read more