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IIN

IIN Blockchain Expanding | How JPMorgan Wants to Improve Banking

American investment and commercial banking giant JPMorgan Chase is looking forward to expanding the use of its leading blockchain technology, IIN (Interbank Information Network), to make payments in the banking industry easier and better. At the same time, it is also roping in various fintech firms to help with the platform’s functionality.

IIN New Features

JPMorgan is planning to include new features in IIN to minimize transaction errors. IIN already helps in solving compliance issues. It was primarily built to share information on a common ledger. It is being used by 75 major banks around the world, which joined last year.

This new feature has already been included by more than 220 banks on the global level. JPMorgan believes that with the help of this introduction, banks can better perform their international payment businesses due to an increase in the digital transactions by customers on TransferWise, Ripple, and Revolut. John Hunter, the head of JPMorgan’s global clearing, says IIN’s development is working towards expansion now. He also added that though it was introduced with the aim of sorting out sanctions, now they are focusing more on settlement.

Hunter explained that JPMorgan has included a feature that will assure accurate and real-time payments. It will eradicate payment rejection problems caused due to typos of the account number, sort code, and other such issues. He explained that the STP (straight through processing) rates of banks currently work under 80%–90% of capacity, with the rest 5% to 20% lacking thereof. This problem will also be solved by the introduction of IIN.

>> Ripple Startup Launches XRPayments App: Available on iOS and Android

Execution By Q3

According to Hunter, this feature will be in force by third quarter 2019 and will be possible for both payments, within the country as well as outside it. This introduction of the testing environment will provide users with safe messaging, file transfer, and data modeling. Hunter feels it will remove problems like tooling, data, and ecosystem. And with the help of developers, all this can be possible.

Apart from IIN, JPMorgan is also establishing a sandbox that will be used by the fintechs to put applications into use.

Under the current scenario, IIN services are free but will have a fee attached eventually.

Featured image: DepositPhotos @ Fotofabrika

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Bitcoin Golden Cross

Bitcoin Golden Cross | Market Rallying on First Golden Cross Since 2015

The cryptomarket is rallying today from the emergence of a Bitcoin golden cross. Now, the majority of the top ten cryptocurrencies by market cap are in the green according to CoinMarketCap.

Bitcoin Golden Cross

Leading the rally with a 5% gain at the time of writing is Bitcoin (BTC). The current price of $5,599 USD per coin is a new high for Bitcoin in 2019, and the bulls are excited.

But the news gets better for Bitcoin fans because, as stated, the first Bitcoin golden cross since October 2015 has formed. A golden cross is a technical chart pattern that indicates a major rally is on the horizon.

According to Investopedia:

The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.”

So with this bullish signal, Bitcoin looks set to change to a “long-term bearish-to-bullish trend.” If it can close above the $5,500 mark today, Bitcoin could rally to $6,000 USD in the coming days.

Tom Lee’s BMI

The Bitcoin golden cross isn’t the only signal to indicate a rally. Tom Lee’s Bitcoin Misery Index (BMI) is spurring on the positive sentiment also. Recently the Fundstrat Global Advisors founder stated that his company’s Bitcoin sentiment indicator recently touched a value of 89. According to his expertise, this means a “bull market is likely starting.” Lee noted that the BMI was over 50 throughout 2018 and has never appeared in a bear market.

April has been a good month for Bitcoin price. Growing 35% already in this month, the Bitcoin golden cross now signals further gains to come. This growth spurt means Bitcoin is on track to have the best month since December 2017, when the Bitcoin frenzy was in full swing.

>> IIN Blockchain Expanding: How JPMorgan Wants to Improve Banking

Altcoins Affected By Bitcoin Golden Cross

As is usual with the cryptocurrency market, where Bitcoin goes, altcoins often follow. Other major gainers in the top ten today include Bitcoin Cash (BCH) and Cardano (ADA), up 3.52% and 2.5% respectively. The second largest coin by market cap, Ethereum (ETH), is currently up 2.17% and selling for $174.85 USD.

On the other hand, Binance Coin (BNB) and Stellar (XLM) are down today, 2.17% and 0.29% respectively.

What do you think? Is the Bitcoin golden cross a strong indicator of a bullish run on the horizon?

Featured Image: DepositPhotos © 1StunningArt

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Binance DEX Now Live! Create Your Wallet and Expect Trading Soon

On Tuesday, April 23, Binance announced that its much-awaited decentralized exchange is now live. Here’s what we know so far about the Binance DEX.

Binance DEX Now Live

Today, Binance, a top crypto exchange, said that the Binance DEX is now live. Trading has not yet commenced, but users can create wallets on the new decentralized exchange (DEX).

Tuesday’s launch of Binance DEX is significant for more reasons than one. For starters, the exchange has gone live well ahead of schedule; and it comes one week after Binance Chain, its native blockchain, went live.

Second, according to CEO Changpeng Zhao, decentralized exchanges can “bring new hope and new possibilities.” On top of that, the “Binance DEX offers far more control over your own assets.” So, not only will the Binance DEX impact the crypto community, but it will also give Binance an edge up on competitors and a chance to further the crypto industry.

When Should We Expect Trading?

According to CoinDesk, trading on Binance DEX will start “as soon as tokens are issues and listed on Binance DEX.” Trading on the exchange has been put through a testnet period, but in addition to waiting for tokens to be issued and listed, trading has to wait for trading pairs to be created.

>> Bitcoin Golden Cross: Market Rallying on First Golden Cross Since 2015

Don’t worry, though; crypto traders won’t have to wait months to use the DEX. In fact, a representative for Binance has said they are expecting tokens to be issued and listed “in the next few days.”

Thoughts?

Considering the optimism surrounding the use of decentralized exchanges, it will be worth paying attention to Binance over the next few days to see if a date for trading to begin has been set. And if you’re a crypto trader, we want to know if you’re planning to use Binance DEX. If so, have you created your crypto wallet on the platform yet?

Let us know in the comments below!

Featured image: DepositPhotos © NadaK2

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cryptocurrency

Cryptocurrency Bear Market Wanes | Going through Accumulation

In recent weeks various industry observers have indicated that the cryptocurrency market is experiencing a bullish run.  The notion has received more support with a fresh report implying that the bear market is actually waning and it is in the accumulation phase.

Heavy Accumulation

According to a recently published report by Adamant Capital, Bitcoin is already experiencing heavy accumulation, and the phase will bring its price to between $3,000 and $6,500, at least until the bullish run gains momentum. Bitcoin whales are already accumulating the major cryptocurrency synonymous to the 2014-2015 bear market, indicating that the cryptocurrency is preparing for a price increase in the future.

The report indicates that retail traders are leaving the cryptocurrency market as long-term and agnostic investors become dominant. This is reportedly consistent with Bitcoin’s volatility analysis, which fell below 5% in the 60-day volatility range, which is lower since 2016.

The report goes on: “During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.”

>> Coinbase Crypto Services Expand to 11 New Countries: Why it’s Important

Millennial Generation Holds Key

The key drivers of the cryptocurrency market growth are millennials, who are said to not trust banks. Millennials are also reported to be the majority of Bitcoin buyers. Researchers have indicated that in the next few years, Bitcoin will experience massive adoption.

In a previous report by Clovr, millennials were the majority of the investors in cryptocurrency, earning between $75,000 and $99,999 per year. The report indicated that the millennial generation is twice as likely to invest in Bitcoin than any other generation, with 23% of women and 43% of men investing in cryptocurrency.

Featured image: DepositPhotos @ peshkova

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XRPayments

Ripple Startup Launches XRPayments App

It’s no secret Ripple has been looking for more mainstream adoption. And, based on XRPL Labs’ recent announcement, it appears XRP is on its way to achieving just that. News surfaced this week that XRPL Labs, a Ripple-backed startup, has rolled out a new payments app called XRPayments.

Here’s why the app is important.

XRPayments App Available on iOS and Android

The launch of the app makes considerable sense. Not just because Ripple itself is trying to bring more attention to XRP, though. XRPL Labs has also been trying for more use and adoption of the token. And by turning compatible devices into PoS systems, which allows retailers to accept the digital asset in stores, this is sure to bring more attention to XRP.

The app is available on iOS through the App Store. It is also available on Android via the Google Play Store.

Wietse Wind, the co-founder of the Ripple-backed startup, first tweeted the news on April 18, writing: “Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

More Good News for Ripple

On top of the launch of XRPayments, Ripple enthusiasts have been met with even more good news. Last week, it was announced that Ripple was included on the Forbes Blockchain 50 list.

>> Moon Payment Means You Can Shop on Amazon Using Bitcoin!

Ripple: Here to Stay?

Some people are always going to remain bearish on the topic of cryptocurrencies. While justified at times, XRP and Ripple have been doing reasonably well in 2019, and the launch of XRPayments indicates there are more good things coming not only to the company but the crypto community as well.

What do you think, though? Do you think XRPayments will change the game for retail owners? Let us know in the comments below.

Featured image: DepositPhotos © adriantoday

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