Ethereum
Visa, Mastercard, JPMorgan and Citi reveal game-changing crypto plan for ‘mass institutional adoption’ after Bitcoin, Ethereum and XRP price pump
Bitcoin
Bitcoin
and crypto, including Ethereum, XRP
XRP
and other major plays – were boosted by this year’s Wall Street earthquake (which could be blown out of the water by an ‘absolutely huge’ Chinese bomb).
The price of bitcoin surpassed its previous all-time high of around $70,000 per bitcoin, helping the combined Ethereum, XRP and crypto market reach around $2.5 trillion according to one analyst. predicting that former US President Donald Trump and the Federal Reserve could be about to trigger a massive Bitcoin price boom.
NOW, as Tesla billionaire Elon Musk issues serious warning that the US dollar could be heading towards collapsesome of Wall Street’s biggest banks revealed they are testing a system with Visa and Mastercard to tokenize their assets—something that Citi analysts predict could become a “$5 trillion market by 2030.”
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JPMorgan CEO Jamie Dimon weighed in on Bitcoin’s blockchain technology while criticizing Bitcoin,… [+] Ethereum, XRP and other cryptocurrencies, even amid a huge Bitcoin price boom.
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JPMorgan, Citi, US Bank and Wells Fargo are among banks that will test common settlement of tokenized assets on a shared ledger technology called the Regulated Settlement Network with payments giants Visa and Mastercard as well as global financial messaging service Swift .
“This to me represents the five-yard line for mass institutional adoption,” Colin Butler, global head of institutional capital at Polygon.
Polygon
, said Blockworks., adding that the latest test is “progressively larger” than previous trials such as the onyx private blockchain and JPMorgan’s unified ledger, a concept introduced by the Bank for International Settlements (BIS) last year.
The so-called “proof of concept” regulated settlement network is inspired by Bitcoin’s blockchain technology, which makes it possible to maintain a shared database without resorting to a trusted third party.
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The price of bitcoin has soared this year, thanks in large part to the long-awaited arrival of Wall Street… [+] and institutional investors.
Forbes Digital Assets
“As blockchain technology continues to mature, it will be essential for public and private organizations to partner closely to explore how it can be applied to solve real-world problems and improve efficiency,” Raj Dhamodharan, vice-president executive chairman for blockchain and cryptography. at Mastercard, said in A press release.
Asset tokenization has been called “next generation for markets” by BlackRock
black rock
chief executive Larry Fink, who has delved into bitcoin and crypto over the last year with the launch of his hugely successful cash bitcoin exchange-traded fund (ETF).
Earlier this year, BlackRock
BLACK
has quietly revealed that it has already begun the second stage of its crypto-based “financial markets revolution” plan, by launching a tokenized private equity fund.
This month, an executive from Bitcoin ETF spot issuer BlackRock revealed that sovereign wealth funds are interested in Bitcoin and could begin trading in the coming months..