Point Roberts, WA and Delta, BC – October 28, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in news on cryptocurrency and blockchain investments, presents today’s edition of the Crypto Corner podcast and comments on what’s driving the shares of cryptocurrency and the cryptocurrency market.
Listen to today’s Crypto Corner podcast:
Crypto Corner Episode 469: JPMorgan uses JPM (NYSE: $ JPM) Coin and launches Onyx, Overstock’s (NASDAQ: $ OSTK) Medici Ventures invests $ 8 million in Bitt
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Stocks discussed: (NYSE: JPM) (NASDAQ: OSTK)
Bitcoin (BTC) took a big drop this morning after reaching its 2020 high just yesterday. According to data from CoinMarketCap, Bitcoin was trading for around $ 13,830 on Tuesday, but was down to around $ 13,080 at press time. Whether this is just a temporary correction following a possible over-buying, or whether it is an actual reversal of Bitcoin’s recent bullish trend remains to be seen.
CNBC reports that JPM Coin, the digital currency created by JPMorgan (NYSE: JPM), “is being used commercially for the first time this week by a large tech client to send payments around the world.” According to Takis Georgakopoulos, the banking giant’s global head of wholesale payments, this prompted JPMorgan to create a new business called Onyx, which will house its blockchain and digital currency efforts. He said:
“We are launching Onyx because we believe we are moving into a period of commercialization of those technologies, moving from research and development to something that can become a real business.”
Medici Ventures, the wholly owned blockchain subsidiary of Overstock (NasdaqGS: OSTK), made an $ 8 million share purchase in Barbados-based digital finance infrastructure provider Bitt. Overstock CEO and President of Medici Ventures Jonathan Johnson explained:
“We firmly believe in what Bitt is doing and remain committed to supporting its forward-looking vision, which aligns with Medici Ventures’ mission to democratize capital, eliminate middlemen and reanalyze trade. Bitt’s pioneering work in the digital central bank the monetary space promotes social inclusion, financial emancipation and economic growth. It is the perfect use case for blockchain technology to fundamentally change the way we transact and fundamentally change the way societies work. “
Bitt CEO Brian Popelka commented:
“Medici Ventures has been an ideal partner for Bitt, providing us with strong support and consistently believing in the company’s mission. This share purchase will allow Bitt to continue innovating and expanding into the digital currency space, such as central bank global adoption of currencies. Digital systems continue to garner global interest. Our goal is to empower those who have been deprived of civil rights by the financial system by providing better payment options, which is especially important as we navigate through a global pandemic. “
Sam Mowers, Investorideas
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