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#CryptoCorner: Bakkt Launches Institutional Custody, Singapore's Central Bank Develops Blockchain-Based Prototype for Multi-Currency Payments with JPMorgan and Tencent Acquires HK License for Virtual Bank

Stocks discussed: (NYSE:ICE) (TSXV:GLXY) (NYSE:JPM) (OTC:TCEHY)

 

Point Roberts, WA and Delta, BC - November 11, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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https://www.investorideas.com/Audio/Podcasts/2019/111119-CryptoMarket.mp3

#CryptoCorner: Bakkt Launches Institutional Custody, Singapore's Central Bank Develops Blockchain-Based Prototype for Multi-Currency Payments with JPMorgan and Tencent Acquires HK License for Virtual Bank

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Chinese State Media Praises BTC, Bakkt Launches Institutional Custody, Singapore's Central Bank Develops Blockchain-Based Prototype for Multi-Currency Payments with JPMorgan and Tencent Acquires HK License for Virtual Bank

Stocks discussed: (NYSE:ICE) (TSXV:GLXY) (NYSE:JPM) (OTC:TCEHY)

Chinese state-run media outlet Xinhua Daily today published an article about Bitcoin (BTC), lauding the cryptocurrency as "the first successful application of blockchain technology". This, coupled with Chinese President Xi Jinping's recent endorsement of blockchain technology, represents a considerable development from the country's blanket ban on crypto exchanges and ICOs just two years ago. The article itself is mostly devoted to explaining how Bitcoin and blockchain works, but warns of crypto's price fluctuations and that "currently, the most important uses of bitcoin payments are black market transactions and "dark net" transactions".

Bakkt, the crypto-focussed subsidiary of Intercontinental Exchange (NYSE:ICE), announced an institutional custody service via blog post today. Until now, the Bakkt Warehouse only provided custody services for clients trading Bakkt Bitcoin Futures contracts. Institutional clients that have already signed on include Pantera Capital, Tagomi and Galaxy Digital (TSXV:GLXY). Bakkt COO Adam White wrote:

"At Bakkt, we're committed to expanding access to the global economy by building trust in and unlocking the value of digital assets. The secure custody of digital assets is the foundation of that mission and our solutions for customers. Whether it's creating the first regulated market for the price discovery of bitcoin, or developing platforms that allow merchants and consumers to seamlessly interact using digital assets, custody is at the core of everything we do."

A press release today reveals that the Monetary Authority of Singapore (MAS) has developed a blockchain-based prototype for multi-currency payments in collaboration with JPMorgan (NYSE:JPM) and Temasek. According to the press release, this development "marks the latest milestone for Project Ubin which is into its fifth phase". Project Ubin is described as "a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities". John Hunter, Global Head of Clearing and Interbank Information Network (IIN), J.P. Morgan, said:

"J.P. Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings from building the Interbank Information Network (IIN) and the JPM Coin, J.P. Morgan is well-positioned to support the development of a blockchain-based payments network and operate at scale."

Chinese internet giant Tencent (OTC:TCEHY) has acquired a Hong Kong license to develop a blockchain-based virtual bank, according to a report from Sina Finance. This was revealed on November 8 at the World Blockchain Conference held in Wuzhen, by Cai Weige, general manager of the blockchain business in Tencent.

Sam Mowers, Investorideas

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