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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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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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