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#CryptoCorner: Glencore to Join Blockchain Network Built on IBM (NYSE: IBM) Blockchain, ING (NYSE: ING) Developing Digital Asset Custody Tech, JPMorgan (NYSE: JPM) to Launch Blockchain Payments Network in Japan

 

Point Roberts, WA and Delta, BC - December 13, 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/2019/121319-CryptoMarket.mp3

#CryptoCorner: Glencore to Join Blockchain Network Built on IBM (NYSE: IBM) Blockchain, ING (NYSE: ING) Developing Digital Asset Custody Tech, JPMorgan (NYSE: JPM) to Launch Blockchain Payments Network in Japan

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Stocks discussed: (LSE:GLEN) (NYSE:IBM) (NYSE:ING) (NYSE:JPM)

Mining giant Glencore (LSE:GLEN) issued announced yesterday that it will be joining the Responsible Sourcing Blockchain Network (RSBN). The RSBN is built on the IBM (NYSE:IBM) Blockchain Platform, powered by the Linux Foundation's Hyperledger Fabric and utilizes "blockchain technology to support responsible sourcing and production practices from mine to market". Nico Paraskevas, Glencore Head of Marketing for Copper and Cobalt commented:

"RSBN plays a key role in advancing the sustainable partnership between the producers of commodities that will enable the transition to a low-carbon economy and key consumers around the world. We look forward to working with the network to further embed responsible sourcing good practice across the mineral supply chain."

A press release from Switzerland's Federal Council indicates that the body had approved a report analyzing the risks and opportunities of central bank digital currencies (CBDCs). The analysis concluded, however, that such a project would likely fall short of positive expectations such as making "payments more efficient, monetary policy more effective and the financial system as a whole more stable". An excerpt reads:

The analysis conducted for this report shows that central bank digital currency cannot meet these expectations, or only partly, that the repercussions can be far-reaching depending on the design, and that there are better solutions for most of the areas considered. The Federal Council therefore believes that universally accessible central bank digital currency would not bring any additional benefits at the moment. The Swiss National Bank (SNB) shares this view and sees the newly arising risks to monetary policy and financial stability, in particular, as a major challenge.

Reuters reports that Dutch bank ING (NYSE:ING) is developing technology to allow clients to safely store digital assets. Unnamed sources from the bank told Reuters that ING "sees increasing opportunities with regard to digital assets on both asset backed and native security tokens" and "is particularly focused on developing the technology behind digital assets to give its clients a compliant way to access the emerging sector".

Investment banking giant JPMorgan (NYSE:JPM) will launch its blockchain-based payment network, the Interbank Information Network (IIN), in Japan early next year, according to a report from Cointelegraph. Bloomberg reports that over 80 banks in Japan "have expressed a willingness to join" the IIN in connection with trying "to bolster anti-money laundering measures". Meanwhile, JPMorgan's planned cryptocurrency, JPM Coin, is expected to launch sometime before the end of this year.

Sam Mowers, Investorideas

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