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Ali Raza

Binance subsidized crypto bank, Founders Bank, hires former Deutsche bank premier

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Founders Bank, a company that provides financial services to cryptocurrency based startups and companies in the Eurozone has snagged a former Deutsche Bank executive named Kenan Altunis to act as CEO of the crypto bank.

Blockchain island is the place to be

They are owned partly by Binance and based in Malta, and the bank looks to service the growing fintech market in the European Union. Companies and startups that deal with cryptocurrency and blockchain applications have regularly had trouble when dealing with traditional banks (and service delivery was a non-starter at many times).

The bank is currently looking to obtain a license from the Malta Financial Services Authority, which would allow it to offer services all across the European Union. This is precisely the type of company that Malta was probably looking to bring to its shores when it promulgated its new blockchain and cryptocurrency friendly laws.

However, other countries are not lagging behind, and the French behemoth has woken up as it passed new crypto and blockchain friendly laws to boot.

It will be exciting to see how much this does for the blockchain scene in the European Union, now that Estonia and France are all pushing the technology forward and actively encouraging companies to open in their jurisdictions through the EU has not come together to make a common framework for blockchain and crypto. But as things stand, looks like the competition within the federation has seen it become a powerhouse in blockchain to rival some major Asian countries.

Key appointment to serve as a kickstart

The selection of Altunis is seen as a bold move of Founders Bank by many in the industry to stamp their authority on the market. Since Founders Bank will mainly be working with companies, the appointment of Altunis makes more sense than someone who has general banking experience

He was the co-head of the institutional client group with Deutsche Bank’s corporate and investment division. He boasts direct contact with both institutional clients (the target demographic) and with regulators. The connections he has with regulators will help smooth things over considering the roadblocks crypto has faced so far.

During his previous job, he directly led a team of more than 1000 people, so moving into a more agile environment will more likely be a learning curve for the former Deutsche Bank executive. He reportedly left his previous post due to losing his seat on the executive committee.

Deutsche Bank’s Head of Corporate & Investment Bank Garth Ritchie restructured the entire division and reduced the number of senior executives leading to Altunis’ decision to join another company. All that said, it seems that Founder’s Bank has chosen the right man to lead them into the future.

He will be starting in June, and many in Europe are anxious to see how Founder’s Bank will help boost Europe’s innovativeness on the world stage. Let’s not forget one thing, financing for startups is what created the internet boom and it was mainly concentrated in Silicon Valley. If Europe and Asia can get a well enough lead with this round of innovation, then the world could change as we know it.

Disclaimer: Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Warren Buffet Rebuffs Bitcoin Again as Price Soars

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Warren Buffet, billionaire finance genius at Berkshire Hathaway has never been shy about showing his disdain for crypto in general and for Bitcoin specifically. Well, it seems that just as Bitcoin is rising again, with a bump in its value of over 62% since the beginning of the year, Warren Buffet has turned to talk about it again.

Seashells comment is weird but points deeper meaning

Berkshire Hathaway invited reporters to Omaha and held a meeting that included a few choice words from the long-time investing genius who has entered the world’s consciousness as the main man when it comes to investing.

This time, however, his comment became really weird, when he compared Bitcoin to seashells “or something.” He has famously said that Bitcoin provides absolutely no value and has stuck with that analyses for years. He repeated this same line of thought at the meeting in Omaha.

While having a chat with reporters, he called Bitcoin a “gambling device.” He went on to say that it (Bitcoin) “just sits there” while it has not managed to produce anything.

He then uttered the weird words “it’s like a seashell or something,” which might show a change in attitude from the wily, old investor. Seashells were used as currency in all parts of the world, from West Africa to Asia and including Native American Tribes. They were a fantastic store of wealth in a time before we had paper currency or safe ways to transport gold. It was considered by many to be a perfect currency for the time as it had about as much use as paper money does today. It was the perfect transition currency, and this could point to a change in Buffet’s thinking (slightly).

Improvement in the feeling towards crypto

It’s certainly an improvement on his previous remarks about Bitcoin where he called Bitcoin “rat poison squared.” He also explained to reporters that cryptocurrency was like his buttons. He could rip one off of his jacket, say that it costs $1000 and try and sell it after a day for $2000. That could work, but the button has one, very limited use so what the point is?

Many in the industry think that Buffet has come around to cryptocurrency but does not want to admit it, so he is sowing the seeds for a subtle change in his view. Bitcoin is traded and is not much of an investment tool currently. It is difficult to buy goods with Bitcoin (yes, there are some stores that accept it) unless it is direct trade. It is not a perfect currency that can be used like fiat, at least at the moment.

However, it could be a transitional currency soon. Bitcoin is the in-between asset much like seashells. Seashells helped wean society off of person to person barter and were available before gold became the standard. Could Bitcoin be the seashell of the modern world?

Only time will tell. With so many competing standards and protocols, there can only be one winner, and that winner might be Bitcoin.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Former Ripple CTO jump starts new platform to micropay content creators

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A former Ripple director, their previous CTO, Stephen Thomas, has started a new blogging platform that allows content creators to get paid in cryptocurrency. The model is a pay per view model where the reader would pay according to how much time they spend on a page.

The San Francisco based startup has launched its public beta recently after having seen some initial success with how the system functions during a 1000 test user closed beta. The closed beta was released in August of last year and had the users get involved by paying $5 monthly subscriptions for the service.

The platform then pays the users who create content for the platform pretty much the same way Spotify does with music. You get paid depending on how much time people spend on your content. The payments were made in Ripple, to the surprise of absolutely no one.

Wallets and Competitors

CEO and founder Stephen Thomas said that the company has collaborated with the Stronghold digital wallet service, making cashing out earning a distinct possibility. The company hopes that the free, bonus content that it will start offering to users will entice them to begin tipping and paying to use the service.

While XRP is the main currency, the content creators can choose to accept any currency that is available on the backend. It is not the first company to try and implement such a system with Yalls and  Brave coming before it. The amount of money coming through Coil seem to be quite small.

Yalls, lightning enabled blog, delivered 20 000 invoices in 7 months. This is in addition to the higher number of members received on that platform. Cent, which uses Ethereum, is a similar platform. It currently has 50 blogs whose creators brought in as little as $55 and as much as $326. This sits in stark contrast to how much Avi Kabani made in the trial. He has written many nonfiction books all in the love and relationships niche. He earned just 21XRP in tips and Coil payments. He spent around $20 of his own money watching Twitch users of the Coil platform.

Thomas Silkjaer, who is a Forbes contributor and is using the Coil platform as well, says that the Coil platform has the chance to replace current paywall systems.

A new paradigm for a new economy

The shift to microtransactions has been swift in videogames. No massive game comes without some form of microtransaction baked into the game itself. The same goes for adult entertainment. Many in the crypto industry see a platform such as Coil being able to upset the apple cart when it comes to paywalled systems.

The Coil is built on open standards and is interoperable. This puts it ahead of the competitors that are currently making more money for their users. If people can quickly bring their websites, blogs or videos in the ecosystem then they will start to have a much larger base of users to flaunt to browsers. Should Coil become a standard feature on browsers, it could revolutionize print and media.

A major problem these days is that there is tiny way to monetize views on news sites. They either hide their content behind a paywall or put in a lot of ads. Many people do not want to get a subscription just for one or two articles they might be linked to a month, the new platform launched by the ex-Ripple CTO is going to tackle all said issue rather nicely. Let’s see how the market responds to it.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron blockchain on the cusp of achieving 1000 smart contracts milestone

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The TRON ecosystem has been seeing major success ever since the launch of its MainNet, nearly a year ago. Meanwhile, the number of TRON smart contracts continues to grow, as developers leave Ethereum in search of better, faster networks.

According to the TRON Foundation’s recent announcement, the number of TRON smart contracts has grown by 100 compared to the previous week. This puts the total number of smart contracts to 877. A similar surge has been noticed when it comes to the growth of TRON-based dApps.

Subsequently, the report states that TRON’s daily trading volume exceeded $505,000, which is also a 33% increase compared to the week before. Evidently, TRON is advancing in all aspects, and if it continues at this pace — it is only a matter of time before the ecosystem sees its 1000th smart contract.

TRON marches along nicely

The 1000th smart contract will be a significant milestone for the less-than-a-year-old network, as it directly implies that developers are coming to test the ecosystem — and are choosing to stay.

As mentioned earlier, TRON has also seen a major increase in the number of dApps, with three new games and 39 gambling decentralized applications within a single week. The growth in the number of dApps is likely one of the major reasons why TRON trading volume surged as well, as using the dApps means making minor transactions with pretty much every move.

The ecosystem has seen additional moves this week, such as the TronLink wallet announcing the launch of TronLending Bank feature, which will allow users and projects to reduce costs by optimizing energy usage.  The rental cost on TronLending Bank will be multiple times lower, which will allow users to save up more than ever before.

Then, there is the fact that TRON made multiple significant efforts in the area of security and safety by partnering up with Beijing’s Chainsguard. The Chainsguard team has a lot of experience with securing networks, as it worked with Ethereum and EOS on finding and fixing vulnerabilities in the past.

Finally, there is TRX itself, which has grown by 4.5% compared to the end of the previous week. The growth is likely a consequence of the increase in the number of dApps and trading volume, and it puts the coin’s price at $0.023639. Meanwhile, the project’s market cap sits at $1.58 billion, and the trading volume in the past 24 hours stands at $717.48 million.

The fact that TRX sits at the 11th spot on the list of largest cryptos by market cap with figures such as those is a clear confirmation that the market is seeing a recovery, and TRX is bound to follow. At the moment, the coin sees a slight price decline, at around 1.98% in the past 24 hours. However, reaching the 1,000th smart contract is bound to bring a lot more attention to the project, and will more likely allow its price to surge. Perhaps the Sun-led crypto might soon be able to test the resistance at $0.031.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Bitcoin price increase sees big jump in secondhand mining equipment prices

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April has been a good month, not just for Bitcoin but for all cryptocurrencies. Some have been greater beneficiaries of a renewed interest in cryptocurrencies and the buoyancy in the market has made sure that the optimism has come back in full force.

Old Antminers making a comeback

Since the price of Bitcoin has shot up, buying and using older Antminers is now becoming profitable again. In fact, it’s becoming so profitable that the price of secondhand miners has doubled in the last week alone.

The bump from $4000 to $5000 dollars has seen older machines attain a payback period of fewer than two hundred days. This number has always been more or less of a benchmark for most miners to get into (or back into) the mining game. Micheal Zhong, a market analyst at TokenInsights, says that once the 200-day barrier was broken the buying frenzy started and it won’t stop until the prices have increased enough to push the payback period to over 200 days.

Darius Sharif Samani, an independent miner and equipment broker in China says that he was able to buy an old Antminer S9 for just under $140 dollars in March. These miners are capable of 14TH/s (Terahashes per second). Currently, he says, the price of the same machine on the secondhand market is $250, almost double what he paid in March. There is an advanced version of the Antminer S9 that does 14.5TH/s and that costs between $280 – $320. The $320 price point is something of a barrier for most people, says Samani.

At $320 for a machine, it works out to $22 per terahash, and that is where most people see the sweet point being for these older machines at this point of time.

Suspicions regarding wholesalers

Samani has said that certain wholesalers of mining rigs have said that they are out of stock. As per him, he has not seen this happen in a long time. He doesn’t believe that they are truly out of stock, rather that they are waiting for a slight bump in Bitcoin prices to sell their inventory for much higher prices.

“Some are waiting until a bidding war for some models to start,” Samani said knowing that such wholesalers are squeezing out the individual miners. This leaves only the well-capitalized companies to compete for machines.

There is also another factor that might not have to do with Bitcoin’s price at all… and it is the incoming cheap hydropower that will be available during the summer. China has a water abundant summer and power will be very cheap soon enough.

All of this is leading to a summer of record-breaking hashing on the Bitcoin network. The previous hashing record was 60 EH/s, but many are expecting this summer to see the 70 EH/s point breached. This would mean an extra 700 thousand older machines pit into circulation or 200 newer machines such as the Antminer S17.

Whatever happens, this summer will be an interesting watch to see how much computing power will be available in the Bitcoin network.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron Loses Grip on Reddit Community after Subreddit Takeover

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As per the critics, Justin Sun has had many marketing missteps of late. The Tesla controversy paled into comparison to the Liverpool FC mistake, and now the erratic CEO has finally gone after the community that has helped support the fledgling coin gain its quick start, showing that too much power in the hands of a few people can go disastrously wrong.

Tesla and Liverpool: The harbingers

The Tesla marketing ploy was enough to harm any company’s reputation – where a CEO announces that a ‘random’ Twitter user will receive what was pictured to be a Tesla Model S. It was announced with the 20 million dollar airdrop that was supposed to be released in March but has yet to see the light of day.

Sun deleted the tweet and selected a “random” twitter user that people found out was a bot, causing many to believe that the whole marketing stunt was just a ploy that was never intended to be honored. This caused a ripple of discontent in the community and was quickly followed up with a colossal mistake when Justin Sun prematurely announced a partnership with Liverpool FC, one of the world’s largest soccer clubs. It is a soccer club that has a worldwide fanbase in the hundreds of millions.

Having a fanbase that big comes with a lot of scrutinies and that scrutiny was aimed squarely at Sun’s announcement. A spokesperson for Liverpool FC said that there was no partnership and such marketing materials were regularly sent to companies so that Liverpool could understand their businesses and see if there was potential for any type of future partnership status.

“We do regularly engage with lots of companies to understand their business better and we have extended an invitation to Tron—along with many others. To be clear, no discussions have taken place.”

Many think it brought the good feelings in the Tron community to an all-time low and critics think that the Tron Foundation, which Sun leads, has not stopped the hapless CEO from poking his own eyes once again.

Reddit in an uproar

Communities on Reddit are a powerful thing. They can make or break many projects – reviving tv shows that are going off the air, influencing political events and even the odd media publicized witch-hunt. The point is that Reddit has become a driving force of the internet and if Reddit is unhappy with you, you had better watch out.

Last weekend, the subreddit /r/Tronix got taken over fully by the Tron Foundation and the visitors are not happy with the decision. One user claims that when Tron had mods in the mod team, they were censoring critical posts made about the GOC network. They also remove posts that put a negative spin on the Tronscan marketplace.

As per the allegations from a number of users, the incumbent mods removed the foundation affiliated mods for this purposes, but it seems that the foundation has found its way back in. All the top mod positions belong to employees of the Tron Foundation.

This has led to many people saying that they are selling off their Tron assets slowly but surely. Many have said that they will not sell all of their coins, citing the need to be diversified, but that their faith was no longer in the project and that this was the end of their active involvement as evangelists of a coin many thought would push Ethereum to the brink.

Being a neutral observer we think that Tron taking over the official Tronix subreddit is not a cool thing as a whole, but it’s not such severe issue which would force people into selling all their TRX holdings. Let’s see how things unfold.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Dapp Success Helps TRON (TRX) Surge in Value

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Binance Research, the crypto trading research arm of Binance, has revealed that Tron is going to have substantial growth ahead. The interest shown in the currency has surged recently, and the number of dapps has risen tremendously, to 402 in total. This puts Tron ahead of Ethereum and EOS and positions it as the ‘de facto’ leader in dapps.

Adding its stable position in the top 10 cryptocurrencies by market cap, it has been drawing the attention of a lot of traders in recent weeks. Binance Research showed that the last 24 hours of trading had shown Tron TRX to be the most influential cryptocurrency with the largest number of users.  This is all due to it being used for a wide variety of purposes.

Variety is key to TRX use cases

TRX currently has over 100 million transactions that are being used for a wide variety of purposes. One important use it the provisioning of services via the Tron network as in the tweet above. TRONBet is the most active dapp on the Tron market right now, and the services are all provision via the Tron network using TRX. There is also the execution of small smart contracts and the issuance of TRX tokens.

In short, Tron is being used for more and more reasons and not as a normal cryptocurrency only. It has managed to shift the goalposts more in its short time than Ethereum has since 2015. The reason Tron has been able to do this is because of the hard work of the CEO in securing meaningful partnerships and eyeing smart mergers. The BitTorrent acquisition was seen as a phenomenal coup for the company by everyone involved in the industry. It will change the way numbers are reported by order of magnitude.

BitTorrent and Stablecoins change the game

Once BitTorrent and its BTT token are on the network, Tron will have a userbase int he hundreds of millions. This will give the company a reach that no other cryptocurrency currently has. It will also cement its place as the go-to blockchain for the entertainment industry. Having sewn up gaming dapps with its negligible transaction fees and fast network, and now the entertainment industry with BitTorrent, the only way forward is getting a regular means of payment between various actors in its network.

Pursuant to that ideology of getting talent paid, it has shifted the focus it has with regards to cryptocurrencies. Tron is now backing more and more stablecoins. The first stable coin to partner with Tron and merge with the Tron mainnet is Tether USDT. The dollar backed stablecoin will allow Tron users to deal with a fiat backed crypto that is tangibly valued. This will allow its soon to be massive userbase an easy way to get paid in real life as well as in the network.

However, the USDT swap has been going slower than initially expected, and the airdrop that was announced has been moved to May the 7th. Exchanges asked for more time to swap the coins so that they are ready when the airdrop finally hits.

Finally, security is being tightened, and this is giving a lot of users and traders more confidence in the long term success of the network. A blockchain startup called swarm is providing these security services and the result according to industry experts is a much more secure Tron.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

France’s new crypto law forces banks to deal with crypto startups fittingly

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Getting a bank account if you are in the crypto industry is complicated. Double that trouble if you are a fledgling startup with no track record and no cash, but that is now a worry of the past, thanks to the recent crypto law France introduced. The constitution guarantees a bank account to any crypto company that is willing to opt into regulation.

It is a surprising move by the French government and the financial regulator AMF (Autorité des Marchés Financiers), which might be seen as avant-garde compared to other large countries such as the United States. In the US, the regulators have warned about “reputation risks” to banks that provide a deposit account to companies in the digital currency business.

Talk between AMF and stakeholders: Key to regulations

Domitille Desertine, the head of AMF’s fintech, innovation and competitiveness divisions, there was apparently good feedback from cryptocurrency businesses that was matched by the authorities. She went on to say that the government is supportive of the right to access to banking as long as the company in question is regulated.

She added that while the relationship between a bank and a startup is still contractual but if the bank refuses, they will need to justify to the AMF why they did not allow a startup to open a bank account. This will apply to all banks; no matter small or large, without exceptions.

IMF fintech head also drew a parallel to the crowdfunding issue a few years ago where banks did not want to open up bank accounts for those platforms because the money was coming from “random places on the internet.” She stated that this requirement is just one, a small part of a far-reaching blockchain focused bill that was adopted on the 11th of April.

PACTE Law offers many more options to blockchain based businesses

The French government has been keen to become a top destination for blockchain and cryptocurrency businesses. The law is designed to create a much more favorable environment for small and medium enterprises that they believe will boost the economy with a wave of innovation and entrepreneurship.

As per Domitille, there is also a provision in the law for visas to be offered to businesses that plan to provide ICO services and other “digital asset service providers.” Exchanges and custodians are also part of the plan. This is not a spur of the moment law; there has been a sense of urgency to put it into the place according to a partner at Simmons & Simmon, a top Paris based law firm. Emilien Bernard-Alzias stated that plans began some time ago and have only now come to fruition.

Dessertine meanwhile has said that interest in the new framework has been high with “20 to 30 digital asset service providers having been in touch already”. Though the formal application process will not be open yet, with the end of summer being touted as the start point, it seems that many firms will be prepared to jump as soon as the doors open.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Huobi adds Tron derivatives one month after adding Tron wallet

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Huobi, the popular cryptocurrency exchange based in Singapore, has opened up its Huobi DM platform to Tron futures. The move will see the platform allow its traders to take short and long positions on Tron’s coin TRX in addition to other actions such as arbitrage, hedging, and speculation.

The rollout on the platform will begin with the disbursement of 1 million TRX tokens to its registered traders. It will also include 100% maker free rebate in the deal as well. The press release issued by the Huobi DM exchange promises that assets will receive many of the same functionalities that can be found on traditional derivatives markets.

The platform looks promising to traders

Huobi DM’s platform, according to the press release that got issued following the announcement of Tron addition, says that the fee structure will be extremely competitive for the Ethereum competitor.  The cost for makers to open or close will be set at 0.02%, while it will be 0.03% to open or close for takers.

The platform will give traders superior risk management tools including, but not limited to, Price Limit, Order Limit, and Position Limit. They promise that their price limit mechanism has superior risk control than other platforms, with no clawbacks having occurred since they launched the platform.

The press release also reiterated how closely the platform monitors various data to fully ensure that its risk supervision runs in real time is not just industry competitive, but to be an industry standard. They also go on to say in the press release that all open position limits for all crypto contracts will be at two times their previous level. Order limits will receive the same treatment of getting a double boost. These are only valid for newly raised opens and orders.

They want to put their customer base at ease, which is why they have created a Risk Management Insurance Fund. The RMIF is different for each trading pair, and under wanting to provide the most user protections as possible, they will be giving each trading pair a dedicated RMIF. This would be to cover any losses that occur due to unfilled liquidated order and settle incidents as can happen on a platform that deals with this type of financial trading.

Huobi moving forward quickly, pulling Tron in its wake

The CEO of Huobi DM spoke on the subject a couple of days ago and commemorated the addition of Tron as a “big step to making Huobi DM the most powerful and flexible platform of its kind,” while at the same time promising to add even more coins over the coming year.

This aggressive expansion has been the trend for many crypto exchanges this year particularly among Binance, Coinbase, and Huobi. Binance, in particular, has been in the news leveraging its Binance Chain to establish an ever-growing list of coins into its ecosystem, sometimes in very unsavory ways. This is par for the course for 2019 it seems.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

JP Morgan plans for progress as Ripple surges ahead with over 200 global clients

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Ripple just dropped a major announcement, one that is set to get the attention of its competitors surely. In its quarterly report, Ripple displayed a tremendous spike in growth and credits sound business strategies for this exciting development. The enterprise proudly announced to its customers how they were able to witness the purchase of almost 170 million worth of XRP dollars, an impressive 0.32% of all the worldwide transactions of the currency.

Impressive Growth

In the publication, Ripple took time to make reference to the performance in the last quarter, and the surge in performance was more than noticeable. This is especially true for the areas of programmatic and direct sales.

The blockchain firm went ahead to clarify that at the moment, they have been able to net over 200 customers – and they all actively make use of its packages like xRapid, xVia and, xCurrent to meet their needs. In the same report, Ripple stated in this year alone, 19 new exchanges listed XRP, thus bringing the total of the exchanges with the crypto on offer on the trading floor to almost 120.

Ripple is Recording Great Performance, But so is JP Morgan

Even though the figures coming out from the stables of Ripple show commendable growth and performance and a projection for even greater success, it must be pointed out quickly that the competition is real. On the one hand, SWIFT is dead set on the creation of its own cutting-edge platform that will run on blockchain technologies. On the other hand, there is also JP Morgan who has announced to all, its new collection of banks that have signed up to make use of its Interbank Information Network.

For those who are not aware, the Interbank Information Network is a package designed by JP Morgan, and it runs on blockchain technology as well. JP Morgan has explained that the network is recording a steady rise in growth and it is on a gradual rise to dominance of the sector.

The collection of banks that have signed up to use JP Morgan’s network is also a very impressive one – it has 198 customers from different parts of the globe, and that is not all. JP Morgan further revealed that this number is bound to increase stating that as more banks join, it will become even better in terms of performance.

JP Morgan promises a drastic reduction in delays and the resultant costs associated with transactions – the ultimate beneficiary will be the customers and clients on the network. Some of these banks are Australia and New Zealand Banking Group Limited, Bank Saint Petersburg, Bank of Nanjing, China CITIC Bank International Limited, China Guangfa Bank, Ho Chi Minh City Development Joint Stock Commercial Bank and others.

What this trend signifies that although Ripple is doing an amazing job with its growth, the contemporaries and rivals like JP Morgan are also not resting on their oars. At the end of it all, the overall winner will be the one who satisfies the needs of the customers the most.

Image courtesy of Geograph.org.uk.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.