JPMorgan Declares Crypto a Financial Risk

In the annual report JPMorgan Chase admitted that cryptocurrency is a threat to their business for the first time
28 February 2018   433

JP Morgan Chase, an American multinational banking services holding company headquatered in New York City, is famous for its negative position towards Bitcoin and cryptocurrency. in October 2017, Jamie Dimon, CEO of JPMorgan, faced a lot of controversy after saying that Bitcoin is a fraud, and stating that it is necessary to fire anyone “stupid enough to trade Bitcoin.”

As it was revealed by Fortune, JPMorgan Chase released the annual report on February 27, where it named cryptocurrencies like Bitcoin and Ethereum “risk factors” to its business. It was the first time, when the financial giant publicly admitted that the digital currencies are new forms of competition that could "give the bank a run for its money".

Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.
 

JP Morgan Report

JP Morgan claimed that the increasing market competition is very likely to put the pressure on prices and fees for JPMorgan Chase’s products and services and can cause JPMorgan Chase to lose market share. It seems that taking into consideration the escalating popularity of digital currency, even the banking giants are starting to be afraid of the impact it may have on their businesses.

It is worth reminding that we have previously reported that JP Morgan was facing some allegations from Swiss Financial Market Authority for breaking rules of money laundering. Moreover, JP Morgan Chase had announced the launch of Interbank Information Network based on Quorum blockchain in order to reduce delays in payments between banks.

Change.org to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   104

Social platform for petitions Change.org announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of Change.org. This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of Change.org report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.