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   154

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.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   72

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208