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JPMorgan Is Exploring Blockchain-Based Deposit Token for Payments, Settlements
Olga Kharif, Bloomberg News
(Bloomberg) -- JPMorgan Chase & Co. is in the early stages of exploring a blockchain-based digital deposit token for speeding up cross-border payments and settlement, according to a person familiar with the work.
The US’s biggest bank by assets has developed most of the underlying infrastructure needed to run the new form of payment, but wouldn’t create the token unless the project is approved by US regulators, according to the person, who asked not to be named because the matter is private. The bank may launch the product for use by corporate clients less than a year after it receives a go-ahead, the person said.
Deposit tokens are transferable digital coins that represent a deposit claim against a commercial bank. Essentially, they are a digital version of the deposits that customers hold in their accounts. Because transactions using these coins are processed on blockchain rails, settlement is instantaneous, and proponents of the novel form of money suggest they may make transactions cheaper as well.
“Deposit tokens bring plenty of potential benefits, but we also appreciate that regulators would want to be thoughtful and diligent before any new product gets developed and used,” a JPMorgan spokesperson said in a statement. “Should that appetite develop, our blockchain infrastructure would be able to support the launch of deposit tokens relatively quickly.” The bank has already piloted issuing deposit tokens in a single transaction last year as a part of the Monetary Authority of Singapore’s Project Guardian and highlighted the potential of this form of money in a recent study.
Read more: Wall Street Spots Blockchain Opportunities as Crypto Stumbles
The move would mark an expansion of JPMorgan’s blockchain efforts, which have been at the forefront of Wall Street’s attempt to use crypto’s underlying technology to simplify some of the cumbersome processes in banking. While the industry has been experimenting for almost a decade, overall it has yet to reap any large benefits from the technology. That has driven some skeptics to question blockchain’s actual utility in finance.
Beyond JPM Coin
JPMorgan has developed several applications using blockchain. The bank runs a system called JPM Coin, which was announced in 2019 and allows some JPMorgan corporate clients to move dollars and euros from their various accounts within the financial institution. The bank said in June that it had used the system to process about $300 billion of transactions since its launch. By comparison, JPMorgan moves $10 trillion in US dollar transactions overall on a daily basis.
Read More: JPMorgan Starts Euro Blockchain Payments for Corporates
The deposit token would function differently from JPM Coin, as it could be used to easily send money to clients of another bank, the person familiar with the work said. It is also well-suited for settlement of trades of tokenized securities, or financial instruments issued on a blockchain. Similar to JPM Coin, its infrastructure would connect to the bank’s existing compliance systems so that transactions can go through know-your-customer, anti-fraud and other necessary checks and be part of the company’s regulatory reporting.
The deposit token would likely first be denominated in US dollars, but could later become available in other fiat currencies, if greenlighted by relevant regulators, a person familiar with the potential process said. It would not be intended to be used for purchases of cryptocurrencies, or as a replacement for so-called stablecoins like Tether’s USDT. Stablecoins, which are supposed to keep their 1:1 value to hard currency, are used by traders to go in and out of the crypto market or to switch digital-asset between exchanges. Deposit tokens are designed to be used within the traditional financial system, for payments, settlements and similar functions.
“We believe deposit tokens will become a widely used form of money within the digital asset ecosystem, just as commercial bank money in the form of bank deposits makes up over 90% of circulating money today,” JPMorgan said in the recent study.
The timing for us is beyond comprehension!!! We could easily have a world wide decentralized Monopoly!!!!
Goldman Sachs Expects Growing Interest in Blockchain-Based Assets
BY PYMNTS | DECEMBER 13, 2023
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man watching stock market on screen
Goldman Sachs is reportedly anticipating a substantial increase in trading volumes of blockchain-based assets in the next one to two years.
There is also growing interest in cryptocurrency derivatives trading among clients, as the market awaits the approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. securities regulator, Mathew McDermott, the investment bank’s global head of digital assets, told Reuters in a report posted Wednesday (Dec. 13).
While bitcoin has experienced a 50% surge this quarter, McDermott said his focus extends beyond cryptocurrency, according to the report. He aims to develop digital assets beyond cryptocurrencies, including blockchain-based tokens that represent traditional assets like bonds.
McDermott said there is a “huge appetite” for digital assets, which has grown significantly over the past year, the report said.
Banks have long been intrigued by the potential of utilizing blockchain technology to trade assets other than cryptocurrencies, per the report. However, implementing this on a large scale would require a major overhaul of the technology infrastructure supporting financial markets.
McDermott believes that using blockchain could bring operational and settlement efficiencies, as well as reduce risks in financial markets, according to the report. Blockchain technology could enable faster and more precise transfer of collateral and liquidity between parties.
Although there have been pilot projects to issue blockchain-based versions of bonds, routine issuance and a liquid secondary market have yet to be established, the report said.
McDermott expects a significant increase in on-chain trading volumes within the next one to two years, with marketplaces at scale taking three to five years to develop, per the report. However, he acknowledged that fully replicating the majority of financial markets exclusively on blockchain is still a distant prospect.
Goldman Sachs found that 16% of the clients it surveyed expect more than 10% of the financial market to be “tokenized” in the next three to five years, according to the report.
McDermott also mentioned that Goldman Sachs operates a team trading cryptocurrency derivatives for institutional clients, although the market remains relatively small, the report said. He believes that the approval of a bitcoin ETF could attract new institutional investors to the asset class.
It was reported in October that the possible approval of the first U.S. spot bitcoin ETFs was driving up the value of the world’s largest cryptocurrency. Crypto proponents say ETFs would lead to greater adoption of digital assets.
Probably Chase selling some of there 500k shares they picked up for .50
I’m just guessing, have no idea.
No volume until ping goes on line and they start pr campaign. No one knows who we are
Nice!
I’m at 5% and am with you !
Ok well that sucks, we need to hear from the company regarding ping,
Prolly Like he did from 8.00 and telling all 15.00 is coming
Well I guess the positive is there are now 8,400 shares in hands at 1.70
I know, we finally had a strong bid in place
Now 6,400, what an idiot, I would never sell down here
Someone wanted to dump 5k today. Time to move on
Yes it is, this healthy for all of us going long. Funny I own over 7% the float and not considering selling one share until I see 30.00 plus
We did not have anyone selling on the 120% move higher. A stock rarely keeps going up without some selling
We did not have much back fill on this move. Hoping 1.70 stays
Nice support at 1.70 now, and unreal how thin the ask is
Ockert Loubser ¢ORE reposted
AkibaOG
@akibablade
Bitcoin and Ethereum are the most important milestones in the evolution of blockchain technology... so far...
[WARNING LONG RANT]
Hot Take: I believe that
@CoreCoinCC
represents the next chapter, one that synthesizes the lessons and advancements of the entire web3 and blockchain spectrum.
Core's 9-year journey of development, largely under the radar, has the potential to mirror the narrative of tech giants like Google, which emerged as a leader following the dot-com bubble.
It's a bold statement, but I've spent a lot of time with the founders, and I really see its potential to do this.
I am a dreamer but hear me out...
Core Blockchain, to me, is the result of a critical review of the successes and limitations of its predecessors, including Bitcoin, Ethereum, Solana, Polygon, Helium, and others...
This has culminated in an ecosystem that's more than just another iteration of existing technologies but a fundamental re-envisioning of the blockchain landscape.
Core Blockchain could actually be the future of the Internet of Value, a term we hear a lot in web3, indicating a shift from the Internet of Information to one where value exchange is integral.
However, instead of just being a marketing buzzword (it is), this ecosystem is actually designed to be all-encompassing, providing solutions that align with both the libertarian ethos of decentralization and the pragmatic need for regulatory compliance (in some areas).
It bridges the gap between institutional requirements and individual autonomy, offering a platform that is as appealing to regulators and institutions as it is to individual users advocating for self-sovereignty and decentralization.
I'm not saying it's perfect here, but the team is genuinely dedicated to a low-energy PoW chain that focuses on decentralization and self-custody while also allowing institutions to do what they need to do in their own arena.
The recent launch of the CBC20 token standard in the Core ecosystem was a pivotal moment. This new standard is not an incremental upgrade; it is a ground-up rebuild for how digital assets can be created, managed, and transferred natively on-chain.
Core Blockchain's commitment to security and compliance makes sense in the wake of FTX, Celsius, Ronin et al. Core allows space for a strong emphasis on secure custody and regulated operations, ensuring that the mishaps of the past are not repeated in this new era... And it does this without removing self-custody and decentralization from the core of the protocol (pun intended.)
At the heart of Core's appeal for me is its emphasis on global inclusivity and accessibility. The blockchain is fully decentralized, and its governance model encourages community involvement through Core Improvement Proposals (CIPs). This
Importantly... IT DOES THIS WITHOUT VCs OWNING ALL THE TOKENS!!
It, therefore, genuinely democratizes participation but also fosters a rich environment for innovation and continuous improvement.
Don't believe me? Look at Core's technology stack, bootstrapped and built from the ground up.
The Core Pass, Core Port, and Ping Exchange are prime examples of how
@CoDeTechCC
has developed applications that are integral to the ecosystem's functionality. These applications are not mere replicas of existing solutions; they represent a new breed of tools designed to facilitate the seamless migration of users and developers from platforms like Ethereum and Solana to Core Blockchain.
The network effect is going to be a critical factor in the success of any blockchain ecosystem. Core is acutely aware of this and is focused on expanding its community of users and developers... and this is why I'm writing this beast of a post...
If you haven't heard of Core Blockchain, go check out the websites, docs, and communities!!
I didn't believe it until I saw it myself. I was highly skeptical, but so far, everything I've been promised has come to fruition. So much so that I became and ambassador for the project because the founders' vision aligns with my own.
Builder, investor, enthusiast? Check it out and tell me I'm wrong. I'm always one to admit my missteps so if I'm full of shit here, tell me. I don't want to advocate for something that doesn't deliver, but every time I've looked deeper into Core, I've been blown away.
Even though adoption isn't there yet, the current dApps showcase the platform's capabilities and invite participation in a collective journey toward realizing the full potential of web3.
Wait, there's more... the environmental aspect of blockchain technology is another area where Core has made significant strides. Its PoW!!! but the proof-of-work mechanism is designed to be energy-efficient, allowing mining on IoT devices, a move that could democratize access to blockchain technology while minimizing its environmental footprint.
Not that I buy into any of the BTC narratives around energy, TBH, but if you can do it with less energy, why not? It's not here to replace Bitcoin. Bitcoin is Bitcoin, and nothing will ever take that away from it, IMO. But Bitcoin is NOT web3, and while I love Ethereum, it's getting REALLY complicated, and I love how the Core ecosystem adapts to the challenges seen elsewhere.
To fully appreciate the Core ecosystem, you need to understand its components:
Core Token and Core Blockchain: At the base of the ecosystem are the Core Coin (XCB) and Core Token (CTN), leveraging the CBC20 digital token standard. This standard enhances asset management, security, and flexibility, potentially surpassing traditional models like the ERC20.
CBC20 is pretty neat... lots to say here but check it out yourself.
Tokenization and Asset Management: Core is natively tokenizing real-world assets, encompassing everything from real estate to art... and all that cool RWA stuff!
@CorePassCC
: A decentralized digital identity smart wallet, CorePass, stands out for its multifunctionality and natively AIR GAPPED nature. It serves as a wallet for Core Coins and Tokens, digitizes government-issued documents, and facilitates secure data transfers.
You can KYC yourself using a hash and then sell your data to companies rather than have it taken from you without getting anything back.
@PingHEX
Exchange: A hybrid digital asset exchange combining the best of decentralized and centralized worlds, making it a user-friendly and secure platform for trading digital assets.
Cold storage and custody where only YOU have the key to remove your funds. SBF would hate this! /s
#CorePort: A browser extension that enhances online security and privacy, ensuring user data is protected and online interactions are seamless.
Not sexy, but it's cool.
Interoperability and Scalability: Core Blockchain is built with a focus on these two crucial aspects, ensuring it remains relevant and adaptable.
The equivalent of bridging is still in the works, but from what I've seen, it's legit!
Compliance and Security: Adherence to global standards and a focus on user transaction security are at the forefront of Core's operations.
Yet, they're not compromising on self-custody and decentralization. CBDCs on Core might (and I say might) not be the worst thing ever. I'm not a fan, but if they have to happen, I'd rather they happen here.
Ecosystem Integration: The integration of Core Token, CorePass, Ping Exchange, and CorePort forms a cohesive ecosystem addressing various aspects of the digital asset landscape.
Basically, you just use QR codes for offline signing to log into any aspect of the ecosystem. Really fast and super easy for anyone to use IMO.
OH, DID I FORGET THIS?
Luna Mesh: This blockchain-based mesh network facilitates machine-to-machine communication, especially for IoT applications, enhancing decentralized communication systems.
THEY HAVE A FUCKING P2P internet!!! I mean, come on!
For me, Core Blockchain exemplifies the innovative spirit and unique value proposition of blockchain. It is not just another blockchain platform but a pioneering ecosystem that embodies the essence of web3.
It is a beacon, illuminating the path to shape the future of decentralized internet, finance, and beyond.
This has to be officially the longest post I'll ever write, but I wanted to put it all down somewhere. If you read this far, god bless you, and feel free to let me know what you think about Core? Am I way off base here? I honestly don't think so. I challenge the founders weekly, and they never disappoint!
Moreover,
@OckertLoubser
is one of my favorite people, and his genuine passion for helping fix a broken system is pretty clear to me.
7:14 AM · Dec 12, 2023
·
12.2K
Views
https://twitter.com/OckertLoubser/status/1734595148724535660?cxt=HBwW2IW8zZ7GwpIwAAAA&cn=ZmxleGlibGVfcmVjcw%3D%3D&refsrc=email
Can more sign up to become mods, we need to sticky more information up top
Hoping to see CSTI move higher today
ARAX, a Publicly-Traded Company Makes Strategic Acquisition of Blockchain Firm, Core Business Holdings
This is a great read, one year old but it explains who we are now
New York, NY, December 14, 2022, ARAX Holdings Corp. is pleased to announce that after several years of speculation, it has signed a definitive Letter of Intent and Deal Terms with Konrad Business s.r.o., based in Bratislava, Slovakia, to acquire the majority of the share capital of Konrad. Konrad is currently undergoing a name change to Core Business Holdings s.r.o. (Core Group).
Today, ARAX filed an 8K with the SEC announcing the signed Binding Letter of Intent and Deal Terms that formally and legally bind the parties to launch the acquisition process for ARAX to acquire the majority of Core Business Holdings’ share capital, which includes the intellectual property connected to the following projects:
Core Token and Smart Contract Platform
Ping Exchange and Settlement Platform
Wall Money NEO Banking and FinTech SaaS Platform
CorePay Payment and Remittance Platform
In addition to acquiring 75% of Core Business Holdings’ share capital, ARAX will also make an effort to acquire all of Core’s minority stakes in its share capital. The total transaction value is €18 million. Subject to the usual closing requirements, the transaction is anticipated to close in the upcoming two months.
ARAX appointed arTax Consult s.r.o., business consultants and tax advisors, to supervise and facilitate collaboration with the Arax Board of Directors and the current owners of the software. All of the intellectual property and software are currently under the custodial care of arTax Consult s.r.o. on behalf of its owners, and arTax is tasked by ARAX and the current owners of the software and IP to structure, document, and secure it in Core Business Holdings in four different organizations, Core Token and Smart Contract Platform, Ping Exchange and Settlement Platform, Wall Money NEO Banking and Fintech Blockchain-Based SaaS Platform, and CorePay Payment and Remittance Platform.
ARAX’s overall strategy is to divert from selling hotdogs in Mexico into investing in projects, with their focus on the digital transformation of WEB 3 and the future WEB 4, implementing blockchain-based solutions into the real world. ARAX sees Core Business Holdings, with its projects Core Token and Smart Contract Platform, Ping Exchange and Settlement Platform, Wall Money NEO Banking and FinTech SaaS Platform, the CorePay Payment and Remittance Platform, and ARAX, as playing a key role in this strategy, bringing shared vision, revolutionary blockchain-based digital product categories, and growing and participating in a safer, more efficient, and effective digital economy for all.
ARAX’s Board of Directors is of the opinion that, until now, blockchain-based solutions introduced into the real world were pretty much experimental.
These days, things look a bit different as businesses, government organizations, and individuals are increasingly implementing blockchain technology as they seek to take advantage of its capabilities.
At ARAX, we are creating awareness among potential use cases that blockchain technology is not all about cryptocurrency. In reality, the underlying decentralized ledger technology continues to find applications in a diverse range of industries, all in an effort of changing how things are being done and improving people’s lives.
The cutting-edge blockchain technology that Core’s software solutions are built on had a significant impact on ARAX’s choice to acquire Core Business Holdings. The Core Business Holdings software solutions were built on the Core Blockchain Network, the world’s fastest, most scalable, and most secure fully decentralized facilitated on proof-of-distributed-efficiency (PoDE). PoDE is the next generation of an environmentally friendly proof-of-work blockchain confirming transactions on IoT devices at less than 10 watts per hour, fitting perfectly into ARAX’s ESG vision.
Blockchain use cases typically fall into one of three categories: a ledger to exchange money, a data ledger, or a notary ledger for government services.
CSTI 4.5k at 1.50
Let’s hold above 2 bucks today
Revolutionize your website's security and user experience with CorePass — eliminate passwords and seamlessly integrate tailored solutions for effortless registration and login.
Learn how at ➡️ https://docs.corepass.net/
https://t.me/codetechcc/931
Was wondering when you were going to chim in. Yes it is! Any bid support above 5k we will move up very well. I am very happy with .10/.20 cents a day
Great to see you are positive
Last Quarter earnings report.
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Case A-20-825346-B in the
Eighth Judicial District Court Portal
https://www.clarkcountycourts.us/Portal/
11/24/2020
Motion for Appointment of Custodian
12/30/2020
Order 201230 - ARAX Order Appointing Custodian
Parties Present 9:30 AM: Chasey, Peter L. - Attorney (Lazar's Attorney)
Minutes: All appearances made via the BlueJeans Videoconferencing Application. Colloquy regarding typographical error in pleadings that changed "ARAX" to "ARAT". Court stated its findings and ORDERED, Motion for Appointment of Custodian GRANTED. Mr. Chasey to prepare the order and clarify the typographical error.1/11/2021
Motion for Order
Motion to Require Written Proofs of Claim
01/12/2021
Clerk's Notice of Hearing
Clerks Notice of Hearing
01/13/2021
Certificate of Service
Certificate of Service
02/18/2021
Motion (9:30 AM) (Judicial Officer Allf, Nancy)
Motion to Require Written Proofs of Claim
There being no opposition, Motion Granted
03/23/2021
Affidavit of Publication
Filed by Scott Sibley, Publisher of Nevada Legal News
03/31/2021
Motion for Order
Motion to Bar Unasserted Claims and Terminate Custodianship
03/31/2021
Clerk's Notice of Hearing
"Please be advised that the Motion to Bar Unasserted Claims and Terminate above-entitled matter is set for hearing as follows
Date: May 5, 2021
Time: 9:00 AM"
Location: RJC Courtroom ...."04/20/2021
Status CheckJudicial Officer
Allf, NancyHearing Time
3:00 AMComment
wirtten proofs of claiim (that is how the clerk wrote that sentence)
Journal Entry
"Court further finds after review that on March 31, 2021 a motion to bar unasserted claims and Terminate Custodianship was filed. The motion stated that the Custodian served Notice of Entry of Order via publication, which was completed on March 23, 2021. The Motion also stated that no proofs of claim have been filed or otherwise submitted to the Custodian."
05/05/2021
MotionJudicial Officer
Allf, NancyHearing Time
9:00 AMComment
Motion to Bar Unasserted Claims and Terminate Custodianship
05/05/2021 Order
Order barring unasserted claims and terminating custodianship.
“Pursuant to a revision to a certain Consulting Agreement dated October 8, 2013, between Thru Pharma and Strategic Universal Advisors, LLC (“Strategic”), as amended effective January 17, 2014, on or about February 9, 2015, and most recently on October 20, 2015, with full effect as of April 1, 2015 (the “Consulting Agreement”), Thru Pharma and Strategic agreed that the intent of the Consulting Agreement ab initio was to provide Strategic with a 3% equity ownership of Thru Pharma in the event that a PUBCO M&A transaction did not occur prior to the end of the Consulting Agreement. Thru Pharma and Strategic agreed and stipulated that 753,504 shares of the Company would equal 3% of Thru Pharma as the equity payment under the Consulting Agreement, with transfer subject to the further provisions stated below. As Thru Pharma was the sole beneficiary of the services provided by Strategic under the Consulting Agreement, no part of the value of the consideration for services provided under the Consulting Agreement has been recognized as an expense by the Company.
In connection with earlier amendments to the Consulting Agreement, Strategic granted to Mr. Keough, a control person of the Company and Thru Pharma, an irrevocable proxy (the “Irrevocable Proxy”), to vote all of the common stock in the Company under certain conditions. That proxy no longer exists under the terms of the most recent amendment.
As part of the currently amended Consulting Agreement, Thru Pharma agreed to transfer 753,504 Company shares to Strategic upon the closing of a merger or acquisition (an “M&A Transaction”) of a public entity, resulting in Thru Pharma being the controlling owner of the entity that was the subject of the M&A Transaction, and Thru Pharma would cause such entity to also issue to Strategic a stock warrant to purchase 600,000 (six hundred thousand) shares of common stock of the entity that was the subject of the M&A Transaction. Such warrant will be of five-year duration, exercisable at $0.10 per share, and shall vest in four equal amounts of 150,000 shares with the first annual vesting to occur 60 (sixty) days following the completion of the PUBCO M&A Transaction, as well as other routine terms.”
“Effective July 1, 2015, Arax and Catalyst Funding, LLC, entered into an Original Issue Discount Revolving Secured Convertible Promissory Note (the “Catalyst Note”) and a Securities Purchase Agreement (the “Catalyst SPA”). The transaction is secured by a grant of security interest to 100% of the Company stock held by or for Thru Pharma. The Catalyst Note and Catalyst SPA are intended to facilitate funding essential work relating to reporting and accounting costs. The total available funds are $200,000, and the Company has only drawn $75,000, and for which the Company is obligor. A Commitment Fee of Company stock in the amount of 35,294 shares was authorized for issue to Catalyst as part of the transaction recorded as an initial debt discount of $14,118. In the event that the Company is unable to timely make payments under this Agreement, Catalyst has the option of gaining control of the Thru Pharma shares in the Company.
On March 1, 2017, the Company’s majority shareholder, Thru Pharma LLC entered into a merger agreement with Kasten, Inc., a Nevada corporation (“Kasten”), whereby Kasten was the surviving corporation. As part of the merger agreement, the shares in the Company held by Thru Pharma were withheld from the agreement and the Company was no longer identified as a subsidiary of Thru Pharma thereby effectively spinning out the Company and excluding it from the surviving entity. Kasten has been identified as party to and co-guarantor of the Catalyst note. The Company is in the process of settling the note with Catalyst whereby funds used to satisfy the note are being provided by its Chief Executive Officer, Steven J. Keough whereas Mr. Keough will be effectively purchasing the 8,000,000 common shares in the Company and the Arax Holdings Corp receivable (listed on the books of the Company as a related party payable in the amount of $211,149 for the nine months ended July 31, 2016) in exchange for extinguishing the note. The 8,000,000 shares are currently collateralizing the Catalyst loan. Upon satisfaction of the note, the Company’s related party payable will be due to Mr. Keough, and he will become the majority shareholder in the Company.
--------------------------End Hug Life Section
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