It's mostly technical folks who have been in this for a while," says Johnson of Jump Capital. "If you want to participate in DeFi and yield farming, you need to know what you’re doing. Even Sir Isaac Newton made terrible investing decisions. Crypto mining firm Layer1 may have misled investors. Korean police seize major crypto exchange. Many 'blockchain experiments' don't need a blockchain at all. In a downturn, credit card points become a lifeline. But so it may also end the era of banks trying to build their own blockchains-which, some would argue, were never truly blockchains at all.Įthereum tokens vulnerable to 'fake deposit' attack. Morgan for many years and ushering in an era of enterprise and mainnet compatibility,” Lubin said in a statement. Morgan is keeping at least one foot in blockchain tech, taking a “strategic investment” in ConsenSys as part of the Quorum spinoff: “We look forward to continuing our multifaceted partnership with J.P. Charles Schwab, for one, is in the process of acquiring TD Ameritrade, which has its own “scalable blockchain” in the works, and was also early to offer Bitcoin futures trading-though Schwab has not expressed interest in getting into the crypto business.įor now, J.P. Meanwhile, with a flurry of deal activity among financial firms, there may be more blockchain shakeouts. “It definitely feels like there is a resurgence of interest in cryptocurrencies,” McDermott told CNBC. But earlier this month, Goldman revealed it had hired a new global head of digital assets, Mathew McDermott, while also poaching a former leader of J.P. Then this February, Goldman lost Rana Yared, who was helping to lead its blockchain and crypto efforts. The bank teased a Bitcoin trading operation in mid-2018, during then-CEO Lloyd Blankfein’s final days at the helm, but those plans languished after current CEO David Solomon took over later that year (and cryptocurrency prices collapsed). Goldman, for its part, has also been quietly reorganizing its digital assets and cryptocurrency team. It’s not exactly surprising: Cryptocurrency, along with tech stocks-risk assets, as you might call them-are basically the best story to come out of 2020: they’re the only things that keep going up (well, besides COVID-19 cases).Īs Coley points out, Bitcoin outperformed other winners including Apple, Amazon and Microsoft stocks, as well as real estate, over the past decade: “When the best performing asset doesn’t even exist in traditional banking models, banks get interested,” she writes in Fortune. Morgan CEO Jamie Dimon) were singing just three years ago. The friendly attitude towards digital currency is a far cry from the “Bitcoin Bad, Blockchain Good” tune that bank leaders (including J.P.
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