Volume surge, big banks’ blockchain rails, and JPMorgan’s $1B stablecoin
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“Uptober” lived up to its name as the Nasdaq Crypto Index™ (NCI™) recorded another highly favorable week, surging an impressive 14.1%. Bitcoin (BTC), maintaining its frontrunner status, led the charge with a 16.0% increase, even briefly touching the $35,000 mark for the first time since May 2022. Meanwhile, ether (ETH) also enjoyed a solid performance, posting a 9.8% gain.
Spot crypto trading volumes surge to levels not seen since March
Last week, Bitcoin made a significant leap, reaching the $35,000 mark and achieving the highest spot volume trading day since the spring, with trading volumes exceeding $24 billion. Notably, Bitcoin's price upswing had a positive ripple effect on other cryptocurrencies like ETH, SOL, and various alternative coins (alts).
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Deutsche Bank and Standard Chartered Test SWIFT Killer for Stablecoins and CBDCs
Deutsche Bank and Standard Chartered's SC Ventures have initiated a pilot program within the Universal Digital Payments Network (UDPN), aimed at facilitating seamless interaction among blockchain-based transactions, stablecoins, and central bank digital currencies. Operating within a regulated and bank-friendly framework, UDPN acts as a bridge for interoperability across diverse blockchain networks, all the while adhering to decentralized digital identity standards.
JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily
In a recent interview on Bloomberg Television, JPMorgan Chase & Co.'s Global Head of Payments, Takis Georgakopoulos, disclosed that the bank's digital token, JPM Coin, currently processes daily transactions worth $1 billion. Furthermore, the bank has ambitious plans to expand its usage. Georgakopoulos also indicated that the next phase of their venture involves developing a consumer-oriented version of the asset, with the aim of extending the same efficiency to individual consumers.
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