Crypto Industry Need Banks, JPMorgan Says

Global head of ecommerce solutions says crypto companies will be forced to use the services of banks to move funds even privately
21 March 2019   428

Traditional financial institutions should not be perceived as competitors of the cryptocurrency market, but as its partners. This opinion was expressed by Ron Karpovich, global head of ecommerce solutions JPMorgan Chase American Financial Holding, in an interview with CNBC.

According to him, cryptocurrency companies, even if privately, will be forced to use the services of banks to move funds.

When it comes to margins and capabilities, payments is never something that grows in margin.  Nobody wants to pay for a payment. That’s one of the hardest parts of this process: you have limited resources and capability to sell; so you need highly efficient and large player.
 

Ron Karpovich

Global Head of eCommerce Solutions, JPMorgan Chase

At the same time, he called the improvement of the payment infrastructure the main purpose of the blockchain technology.

Every CEO would like to make things faster and cheaper. So from that standpoint, I think there's a buy into the concept of using blockchain. We are big players in the space. We created Quorum... We've also run the Interbank Information Network, which is a means for banks to connect to each other over the blockchain to share background data.
 

Ron Karpovich

Global Head of eCommerce Solutions, JPMorgan Chase

In December 2018, JPMorgan Chase & Co analysts said that the long-term stagnation of the cryptocurrency market scares off institutional investors from the industry. 

GRAM May be Traded at Liquid at Triple ICO Price

Bloomberg says that Telegram tokens, that may appear at Liquid will be sold by Gram Asia at $4 per token, but there's no official info from Telegram
04 July 2019   1170

Even before the official public release of the cryptocurrency of the messenger, Telegram can increase in price by 200% relative to its value during the initial offer of coins. It is reported by Bloomberg.

As previously reported, Telegram tokens may appear on the Liquid Bitcoin Exchange already on July 10. The distributor is Gram Asia, which calls itself the largest holder of GRAM tokens in Asia. It intends to put up for sale rights to cryptocurrency at $ 4 per unit.

At the same time, one of the investors said to the publication that at the time of purchase the price of 1 Gram was $ 1.33.

It is worth noting, however, that after the announcement of the public sale of Telegram tokens to Liquid, the media reported that this intention had nothing to do with the official plans of Telegram.

Then one of Telegram's investors stated that no one has the right to sell tokens before their official launch in accordance with the signed agreement. Moreover, representatives of the popular messenger noted that they first heard about Gram Asia.

Later, CEO Liquid Mike Kayamora admitted that Telegram has no relation to the placement on Liquid: the deal was concluded exclusively between the exchange and Gram Asia, which allegedly is an incubator for the TON project.

The Block's leading analyst Larry Chermak on several tweets expressed skepticism about the announced Telegram tokenale based on the Liquid stock exchange, saying that he would “think twice before making a decision to invest.”