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Crypto Corner Episode 469: JPMorgan Using JPM (NYSE: $JPM) Coin and Launches Onyx, Overstock's (NASDAQ: $OSTK) Medici Ventures Invests $8 Million in Bitt

 

Point Roberts, WA and Delta, BC - October 28, 2020 (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 cryptocurrency stocks and the crypto market.

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https://www.investorideas.com/Audio/Podcasts/2020/102820-CryptoMarket.mp3

Crypto Corner Episode 469: JPMorgan Using JPM (NYSE: $JPM) Coin and Launches Onyx, Overstock's (NASDAQ: $OSTK) Medici Ventures Invests $8 Million in Bitt

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Stocks discussed: (NYSE:JPM) (NASDAQ:OSTK)

Bitcoin (BTC) has taken a big tumble this morning after having reached a 2020 high just yesterday. According to data from CoinMarketCap, Bitcoin was trading for as much as about $13,830 on Tuesday but has fallen to around $13,080 at press time. It remains to be seen if this is merely a temporary correction as a result of possible overbuying, or whether it's an actual reversal in Bitcoin's recent bull trend.

CNBC reports that JPM Coin, the digital currency created by JPMorgan (NYSE:JPM), is "being used commercially for the first time this week by a large technology client to send payments around the world." According to the banking giant's global head of wholesale payments, Takis Georgakopoulos, this has prompted JPMorgan to create a new business called Onyx, which will house its blockchain and digital currency efforts. He said:

"We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business."

Medici Ventures, the wholly-owned blockchain subsidiary of Overstock (NasdaqGS:OSTK), has made an $8 million equity purchase in Barbados-based digital finance infrastructure provider Bitt. Overstock CEO and Medici Ventures President Jonathan Johnson, explained:

"We are strong believers in what Bitt is doing, and remain committed to supporting its forward-thinking vision, which aligns with Medici Ventures' mission of democratizing capital, eliminating middlemen, and re-humanizing commerce. Bitt's pioneering work in the central bank digital currency space promotes social inclusion, financial empowerment, and economic growth. It is the perfect use case for blockchain technology to fundamentally change the way in which we transact, and fundamentally change how societies function."

Bitt CEO Brian Popelka, commented:

"Medici Ventures has been an ideal partner for Bitt, providing us with strong support and consistently believing in the mission of the company. This equity purchase will allow Bitt to continue to innovate and expand in the digital currency space, as global adoption of central bank digital currencies continues to garner global interest. Our goal is to empower those who have been disenfranchised by the financial system by providing improved payment options, which is especially important as we navigate through a global pandemic."

Sam Mowers, Investorideas

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