JPMorgan, DBS Bank and Singapore government-owned investment company Temasek are teaming up to create a new blockchain-based joint venture for payments, trade and settlement.
The platform, to be dubbed “Partior,” will seek to disrupt the traditional payments model and the common pain points that come with it, according to an announcement Wednesday.
Partior will look to develop wholesale payment rails based on digitized commercial bank money, allowing instantaneous settlement between financial institutions.
This will help to address the inefficiencies related to multiple validations of payment details by banks and other post-transaction handling and reconciliation activities.
The platform will harness blockchain and smart contracts to enable banks worldwide to conduct real-time cross-border transactions starting with a focus on flows in USD and SGD between the two Singaporean companies and JPMorgan. The platform would then be expanded to other markets and currencies.
JPMorgan has been working for several years on a blockchain-based interbank payments system that boasts over 400 financial institutions including many of the world’s largest banks.
The Wall Street behemoth has stressed its LIINK payments rails and JPM Coin (now rebranded as Onyx) are not meant to compete with the likes of SWIFT. Built on the Ethereum-based Quorum blockchain, JPMorgan is now deepening the networks cross border payments capabilities in the important and crypto-friendly trading hub of Singapore.
Bitcoin, Other Cryptocurrencies Decline as Elon Musk Pulls the Plug
Elon Musk’s owned Tesla made a sudden U-turn on Wednesday to stop accepting Bitcoin for payment of its vehicles, citing rising use of fossil fuels in Bitcoin mining and transactions.
A situation that could have a negative effect on the environment, stated the Chief Executive Officer, Tesla Inc., Elon Musk.
Elon Musk had earlier asked if his over 54 million followers, which comprises of a huge number of cryptocurrency lovers, want Tesla to accept Dogecoin, a meme coin that has risen to global prominence on Musk’s support.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Over 78 percent responded positively to the poll on May 11 before Musk announced on Wednesday the decision of Tesla Inc to stop accepting Bitcoin.
Millions of Dogecoin investors and traders are now predicting that Elon Musk is likely to announce Dogecoin as a replacement for Bitcoin going by his latest tweet below.
Bitcoin plunged by over 17 percent from $54,800 to as low as $46,294 per coin before rebounding to $51.119.16 as at the time of writing.
Ethereum, XRP and Dogecoin also pared losses to 7.26 percent, 7.82 percent and 10.90 percent, respectively.
Musk, in a tweet, said Tesla has suspended vehicle purchases using Bitcoin.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Tesla Stops Accepting Bitcoin Over Rising Use of Fossil Fuels in Bitcoin Mining, Transactions
Tesla Inc., an American electric vehicle and clean energy company, on Wednesday announced it has stopped accepting Bitcoin as payment for its vehicle.
The company’s Chief Executive Officer, Elon Musk, disclosed this in a tweet.
Musk said “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.”
The billionaire further stated that Tesla will not be selling its holding of Bitcoin until mining transitions to more sustainable energy.
He said “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
Bitcoin plunged by 17 percent from $54,800 per coin to as low as $46.294 per coin before moderating to $50.656 per coin while Ethereum, XRP, and Dogecoin declined by 9.09 percent, 10.73 percent and 10.28 percent, respectively.
In March 2021, Elon Musk announced that customers in the United States can now purchase Tesla vehicles with Bitcoin.
This was despite Bill Gates, Janet Yellen and others complained about Bitcoin energy consumption and its impact on the globe going forward.
While Musk seems to have downplayed their concerns in March, the Billionaire is now pushing for exactly the same thing after accumulating enough Bitcoin. A move now criticized by millions of cryptocurrency lovers globally.
Nic Carter, founding partner at Castle Island Ventures, and a leading voice among defenders of Bitcoin’s energy use, said Elon Musk should have done his due diligence before accepting Bitcoin.
“Surely he would have done his diligence prior to accepting Bitcoin?’ Carter said. “Very odd and confusing to see this quick reversal.”
Others started pushing Dogecoin as a replacement for Bitcoin while some suggested Tether on the Tron network has the lowest energy consumption presently and it is a stable coin.
Ethereum Market Cap Surpasses JPMorgan As It Hits A New ATH
Ethereum, the world’s second-most valuable digital currency, spiked nearly 10 percent in the last 24 hours and reached an all-time high of approximately $4,370.
According to the latest data published by Coinmarketcap, Ethereum now has a market cap of more than $500 billion. ETH becomes only the second cryptocurrency in the world to reach a market value of $495 billion.
Ethereum is now more valuable than the world’s leading investment bank JPMorgan. The total market cap of JPMorgan Chase currently stands at around $480 billion. ETH has been on the rise since the start of 2021. The cryptocurrency crossed the market cap of the Bank of America and PayPal earlier this year.
ETH whale activity has increased during the last few weeks amid a surge in its price. Yesterday, Finance Magnates reported about the movement of 46,793 Ethereum from a digital wallet to cryptocurrency exchange Binance.
“Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on 5 May seeing over 6,300 $100k+ ETH transactions. This explosion in activity beginning on 3 May had much to do with the inevitable rise to $4,200,” on-chain analytics firm Santiment mentioned on Twitter.
The latest price surge in ETH has made Vitalik Buterin, Co-Founder of Ethereum, one of the youngest crypto billionaires after his public Ethereum address crossed 333,520 ETH, which is approximately $1.4 billion in value.
News4 weeks ago
COVID-19: Nirsal Microfinance Bank (NMFB) Loan – Covid19.nmfb.com.ng
Social Media4 weeks ago
Lack of Basic Amenities, Unclear Growth Policy Force Twitter to Ghana, Builds Headquarters in Ghana
Billionaire Watch1 week ago
Ethereum Co-Founder Becomes The Youngest Crypto Billionaire As ETH Hits $3K
Bitcoin4 weeks ago
Bitcoin Sets a New Record High at $63,000 on Tuesday
News4 weeks ago
Covid19.nmfb.com.ng: How to Check Nirsal COVID-19 Loan Status
Cryptocurrency4 weeks ago
Rap Icon Nas Could Net $100M When Coinbase Lists on Nasdaq
Crude Oil4 weeks ago
Oil Rises on Drawdown in U.S. Oil Stocks, OPEC Demand Outlook
Cryptocurrency3 weeks ago
Electronics Retailer Newegg now Accepts Dogecoin As Payment