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Is Ripple (XRP) In Partnership Talks With JPMorgan Chase & Co. (NYSE:JPM)?

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Global Coin Report got wind of a rumor that popular cryptocurrency giant, Ripple, was partnering with another giant in the banking industry. This giant is none other than JPMorgan Chase & Co. (NYSE:JPM). The source of the news reiterated that they could not verify the news for it was only from one source. They needed a second source to fully believe that there was a legitimate possibility of the two giants partnering.

In the report, the source claimed that it was given the information via a note from a Ripple insider that said the following:

“Attempting to send this to you without being outed, but we have had a few discussions with reps at JP Morgan with respect to our capabilities and what we bring to the table should they engage us. Not much more has happened beyond that, but initial talks have actually occurred. That much I can confirm. Super nervous to be sending you this info, but hope that you can keep me anon and protected. Our execs working overtime to put together the biggest partnership headlines as they can. All I got for now. More to come if developments occur.”

One possibility of the rumor having some substance can be found on the J.P Morgan Chase website where it has announced that the bank is working on the first New U.S. Payment services in 40 years. This means that the payment system will be 100% built and tested in the United States. One thing to remember is that Ripple is also an American company since inception.

The J.P Morgan website announces the following:

“The first new U.S. payment system in 40 years is coming, and it aims to dramatically simplify processes from transaction initiation through to reconciliation.

Pivotal to this is the way Real-time Payments (RTP) combines immediate funds availability, settlement finality, instant confirmation, and integrated information flows—all in a payment made in seconds. Bringing together speed, data, and communication solves for longstanding challenges.”

Any Ripple fan knows that the second paragraph above describes one of their favorite cryptocurrency ledgers: The Ripple (XRP) ledger. The part that gives it away, is the settlement in seconds. We all know that it is only Ripple that can currently settle transactions in 3.3 seconds or less. Ethereum takes anywhere from 2 minutes and above; Bitcoin takes close to an hour; with traditional Swift taking 2 – 3 days.

But The J.P Morgan website did not say the payment solution is blockchain based.

If the above statement crossed your mind when reading this, let us dwell deeper on recent patents filled by J.P Morgan Chase.

On May 3rd, J.P Morgan Chase filed a patent application with the U.S Patent and Trademark Office (USPTO) with respect to a new network that will use DLT (Distributed Ledger Technology) for intra-bank and inter-bank settlements. This hints directly towards blockchain technology.

But could they be creating their own network rather than using Ripple?

The above statement is true. J.P Morgan could indeed start work on its own ledger. But will they sacrifice the time spent to create one? Ripple recently admitted that it has worked on its ledger for 6 years. J.P Morgan will not spend that much time doing R & D (Research and Development) as the competition out there, decides to revolutionize banking using Blockchain technology and adopting Ripple products on a daily basis.

Putting it all together, there is a rumor that J.P Morgan Chase and Ripple are in the midst of partnership talks. Furthering that rumor yields more arguments for the partnership than those against it. As is the case with everything in the crypto-verse, only time will tell if this is indeed legitimate information or just another rumor.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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