J.P. Morgan launching their own cryptocurrency; Chainalysis secures $30 million in funding; Oracle expanding enterprise blockchain platform

J.P. Morgan is launching the first cryptocurrency backed by a U.S. bank. They say the “JPM Coin” will be rolled out slowly at first, settling a small fraction of J.P. Morgan’s payments over the next few months. J.P. Morgan’s Head of Blockchain development predicts three early uses for the cryptocurrency:

  1. Settling international payments for their large clients.
  2. Instant settlement of security transactions.
  3. Corporations that use J.P Morgan’s treasury services could replace the dollars they hold in subsidiaries across the world for more efficient operations.

CNBC provides further details and looks at J.P. Morgan’s history with cryptocurrencies. Others have been quick to dig into the differences between the “digital coin” J.P. Morgan is introducing versus what most would currently consider to be a true “cryptocurrency.”

 

Chainalysis secures a $30 million series B. Chainalysis is a blockchain analysis firm who “prevent, detect, and investigate cryptocurrency money laundering, fraud, and compliance violations” While they started out helping law enforcement track illicit activity, they have recently expanded on these services to help institutions and exchanges stay on the right side of regulations. In this article, Fortune looks deeper into the recent growth and successes of Chainalysis.

 

Oracle to expand their enterprise blockchain platform. In this press release touting several global customers already running apps on their blockchain, Oracle announced further features and improvements to the platform. Oracle’s Blockchain Cloud Service was first released in October 2018, joining IBM, Amazon, and Microsoft in offering blockchain as a service. This article from Computerworld reported on it and some of their initial customers at launch.

Featured image showing JP Morgan CEO Jamie Dimon. Photo credit: Steve Jurvetson, modified by Digital AUM

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