‘Most of crypto is going to go away’ says JPMorgan blockchain lead

Trash

JPMorgan head of blockchain and digital assets, Umar Farooq, has stated that the majority of crypto assets on the market today are “junk” and that it will take time for real crypto use cases to emerge.

During a panel at the Monetary Authority of Singapore’s Green Shoots Seminar on 30 August, Farooq also said that regulation in the digital asset space was not keeping up with the industry’s advances.

In his view, this is holding bacl many traditional finance...

Alex Reinhardt, PLC Ultima: On building a crypto ecosystem for ‘daily life’

PLC Ultima aims to spread opportunity with an ecosystem that anyone can use in their daily lives.

The Block caught up with Alex Reinhardt, Founder of PLC Ultima, to learn more about the project and get the crypto expert’s views on the uncertain regulatory environment.

The Block: How is PLC Ultima bridging the gap between traditional business and crypto? 

Alex Reinhardt: I originally conceived PLC Ultima as a universal financial instrument that can be...

Ripple: Most financial institutions plan to use crypto within three years

A report by Ripple suggests that most financial institutions plan to start using crypto within the next three years.

Despite the bear market, financial institutions remain interested in the cryptocurrency space. Just this week, $10 trillion asset manager BlackRock launched a spot Bitcoin trust while saying that it’s also exploring “permissioned blockchains, stablecoins, cryptoassets, and tokenization.”

While BlackRock is exploring the potential financial benefits...

2.6 million Shenzhen residents sign up for digital yuan airdrop

Shenzhen, China

More than 2.6 million of Shenzhen’s 18 million residents signed up for the Chinese city’s upcoming airdrop of 30 million digital yuan, or e-CNY.

City officials announced the airdrop two months ago as part of a recovery plan to stimulate consumer spending after the country’s most stringent coronavirus lockdown to date.

Digital yuan is the Chinese government’s take on a central bank digital currency and, although still in its pilot stage, has seen millions of...

Coinbase Commerce adds seven cryptos, instant fee-free payments

Coinbase Commerce has added support for seven more cryptocurrencies and enabled instant, fee-free payments.

The largest US-based crypto platform says consumers tell it that fees are a key reason they choose not to pay in cryptocurrencies. Merchants, meanwhile, want to be paid instantly and not wait around for an on-chain transaction to complete.

By leveraging its position of having a large customer base as payers, Coinbase is able to use off-chain transactions for...

Tether CTO responds to reports of hedge funds shorting USDT

Tether CTO Paolo Ardoino has responded to reports of hedge funds shorting its USDT stablecoin.

A “short” is a bet against the value of an asset. In contrast, a “long” position is a bet that an asset will appreciate in value.

On Monday, the Wall Street Journal reported that various traditional hedge funds had open USDT short positions worth hundreds of millions of dollars.

“There has been a real spike in the interest from traditional hedge funds who...

PayPal finally allows digital currency transfers to an external wallet

PayPal Logo

PayPal is finally allowing users to transfer digital currencies to an external wallet or exchange, nearly two years after the payments giant first opened up to cryptocurrency.

The feature is currently available to select users in the United States with plans to expand to the entire country in the coming weeks. It will initially support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

It comes at a time when other large fintechs have been making similar shifts in strategy...

Digital dollar would destroy commercial banking sector, Wall Street warns

US banking lobbyists have argued against the Federal Reserve – the country’s central bank – developing and introducing a central bank digital currency (CBDC).

Having released a report on the potential of the “digital dollar” in January, the Fed invited and received thousands of comments from individuals and organisations alike.

Chief amongst these were profound criticisms and warnings from Wall Street and national banking groups.

The Washington-based...

Binance unveils Refugee Crypto Card to support displaced Ukrainians

Ukraine

Binance, the world’s largest crypto exchange, has launched its Binance Refugee Crypto Card for Ukrainian Binance users who were forced to move to Europe due to the ongoing war with Russia.

The card has been created to allow displaced Ukrainians to conduct crypto transactions and complete purchases at card-accepting retailers in the European Economic Area (EEA).

Helen Hai, head of Binance Charity, said: "At such a difficult time for Ukraine, it's clear that...

EU Parliament passes proposals to hinder cryptocurrency privacy

EU flags outside the EU headquarters.

European Union (EU) lawmakers have supported controversial proposals to outlaw anonymous crypto transactions.

More than 90 lawmakers from the EU Committees on Economic and Monetary Affairs (ECON) and on Civil Liberties, Justice and Home Affairs (LIBE) voted in favour of the measures.

The new rules would extend anti-money laundering requirements that apply to conventional fiat payments over EUR 1,000 to the European crypto sector.

However, they would also remove...