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If a Recession Fell Over in the Woods, Would it Make a Sound? – Blockchain News, Opinion, TV and Jobs

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2 years ago

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By Adrian Kenny, Senior Sales Trader at the publicly listed digital asset broker GlobalBlock 

The week has continued a very welcomed up trend, at the time of writing, with Bitcoin sitting at a price of $23,911.13. After briefly hitting the 24k mark earlier this week, the digital asset continues to consolidate within this range comfortably for now, at least in the short term.

The Crypto, and wider markets in general, have seen somewhat of a relief rally in the last few days. This uptick is off the back of the news the Fed has raised rates .75bps this week. All eyes have recently been looking to the response of FED and its reaction to the ever-present threat of inflation as well as a predicted, and now looming recession (the Fed has assured us has not yet happened). The reaction has been very positive this week and the cryptocurrency markets once again tipped over the 1t Market cap once again.

In perspective, while this week has for the first time in over a month seen some markets recover the losses of previous weeks, there is still an undoubtably considerable mountain to climb in terms of “normality” or the hopes of a return to the highs of 2021 anytime soon.

Ethereum also continued its upward trend this week, currently trading at $1718 at the time of writing. Ethereum saw a much more aggressive draw down recently, with the price of the second most popular cryptocurrency dipping to around the $800 mark and rallying nearly 100% from its low in early June to its current levels. While many are beginning to see some short-term bullish sentiment, many are warning we are not yet out of the woods from a macro perspective and a cautious thesis is a more logical stance to take in the current conditions.

In another wider move in mass adoption, Spanish tradfi banking institution, Santander, will soon offer crypto trading services to its Brazilian customers. Santander Brasil CEO, Mario Leao said that it would begin the service in the coming months. This follows on from Barclays plans to have an imprint in the crypto space.



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JPMorgan debuts tokenization platform, BlackRock among key clients: Report

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7 months ago

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October 11, 2023

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United States banking giant JPMorgan debuted its in-house blockchain-based tokenization application, the Tokenized Collateral Network (TCN), on Oct. 11, according to Bloomberg. TCN settled its first trade for asset management giant BlackRock.

The Tokenized Collateral Network is an application that allows investors to utilize assets as collateral. Using blockchain technology, investors can transfer collateral ownership without moving assets in underlying ledgers.

In its first public collateralized trade between JPMorgan and BlackRock, the TCN turned shares of one money market fund into digital tokens, which were then transferred to Barclays bank as security for an over-the-counter derivatives exchange between the two companies.

The first internal test of the TCN was conducted by JPMorgan in May 2022, with a pipeline of other clients and transactions now that TCN is live. The TCN was launched to streamline and scale the process of traditional settlements on a blockchain. The use of decentralized technology made the process faster, more secure and more efficient.

Related: JPMorgan Chase enters generative AI race with IndexGPT trademark

According to Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, the new TCN platform unlocks capital and allows it to be used as collateral in ongoing transactions, boosting efficiency at scale. The platform enables the creation, transfer and settling of tokenized traditional assets. It also allows for the movement of collateral nearly instantly, unlike earlier methods.

The blockchain platform allows clients to access intraday liquidity through a secured repo transaction using tokenized collateral rather than depending on expensive unsecured credit lines. External clients who agree to the blockchain trade have their own node on which they can settle the trade and access other reports.

The U.S. banking giant has come a long way from its early days of criticizing the decentralized world and is currently actively involved in testing and launching various blockchain and crypto-centered services amid growing demand. The bank used a blockchain-based solution to settle trades with Indian banks in June.

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