Introducing The Block Genesis | Wall Street analysts throw cold water on J.P.Morgan’s ‘cryptocurrency’

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“It [JPMCoin] is far from fulfilling the promise of creating an ecosystem whereby all participants can utilize a universally accepted and redeemable digital currency. Instead, it is a mechanism where JPM will redeem a token that it issues on its platform only.” — Will Martino, CEO Kadena

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Wall Street analysts throw cold water on J.P.Morgan’s ‘cryptocurrency’

J.P.Morgan sent ripples through the blockchain world when it announced the launch of its own “cryptocurrency,” dubbed JPMCoin.

The bank, which is led by bitcoin basher Jamie Dimon, has long been involved in the blockchain market, but the announcement of JPMCoin is arguably one of the most notable moves by a Wall Street bank into the nascent digital assets market to date. The new crypto, unlike bitcoin, won’t be accessible to the public to trade, rather it will be used to settle a tiny fraction of JPM’s cross-border payments with clients. — More

Ethereum is a ‘poor copy’ of bitcoin, Craig Wright claims in his CFTC response

Craig Wright, nChain’s chief scientist, has criticised ethereum, calling it “a poorly designed copy of bitcoin,” in a response to U.S. Commodity Futures Trading Commission’s request for input on crypto asset mechanics and markets. He drew a distinction between bitcoin and ether-based technology, claiming their design is different and that only bitcoin does not possess self-imposed limitations. He posited ethereum “has already reached its computational limits” and is not a scalable technology. — More

Defendants’ creation of fictitious Blockchain Exchange Commission revisited by court — More

Germany starts weighing its blockchain options — More

Institutional investors should consider the crypto long game, financial consultancy says — More

ETH leads $5 billion crypto market price surge over last 24 hours — More

SoFi expands product offerings as battle for deposits heats up — More

Researchers: 17,000 Android apps have been collecting identifying information from 100 million devices — More

Argo blames bear market as it terminates mining services — More

Crypto firms call on the CFTC to better regulate the digital asset market — More

Facebook grows blockchain team as it looks to onboard 13 new staff — More

Coinbase partner is shutting down its debit card in April — More