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SIX Stock Exchange

SIX Stock Exchange Adds XRP to Latest ETP Project

The largest stock exchange in Switzerland, the SIX stock exchange, is planning on launching an XRP crypto exchange-traded product (ETP). Amun AG was the first crypto startup to launch ETPs on SIX. Hany Rashwan, CEO of Amun AG, told CoinDesk that this new product will have the ticker AXRP.

SIX Stock Exchange Adds XRP ETP

The SIX Stock Exchange has not released any formal news yet on this matter and the ETA of AXRP is unknown at this time. In addition to the XRP ETP, Rashwan told CoinDesk that SIX has approved ETPs for four more altcoins. According to the CEO, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Litecoin (LTC) will be the next altcoins to get their own ETP products on the SIX Stock Exchange.

Amun AG has yet to provide thorough details regarding the new ETP listings. In November of 2018, SIX launched its first ETP that tracks a basket of top-weighted cryptocurrencies. This new product was issued by Amun AG under the HODL ticker. Since November, this total monthly trade volume for HODL has taken over an ETP that tracks crude oil. According to research by CoinDesk journalists, HODL became a top traded ETP on SIX in both December and January, prompting further digital currency ETP products.

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Rashwan told CoinDesk that most of the buyers of these products are based in Switzerland. Over the past few weeks, Amun AG has issued Bitcoin (BTC) and Ethereum (ETH) ETPs on the SIX Stock Exchange.

What is an ETP?

ETPs are passive investment instruments with no active trading strategies involved. ETPs are priced so the value is derived from other investment instruments such as a currency. SIX has its own rules for these traded products and states they are not treated as “collective investment schemes;” therefore, ETPs are not supervised by Switzerland’s market regulator. Amun AG backs each ETP by an identical amount of crypto assets, which is checked on a continuous basis. Rashwan told CoinDesk it stores its collateral with Kingdom Trust.

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JPM coin

JPM Coin Fails to Impress Ripple’s Brad Garlinghouse… Again

Ripple CEO Brad Garlinghouse has spoken out about JPM coin once again. This time, he gave the major US bank some praise for its new venture. Garlinghouse participated in a fireside chat yesterday at the 4th annual DC Blockchain Summit in Washington D.C. where he further discussed his views of the new bank coin.

Brad Garlinghouse and JPM Coin

In the chat yesterday, Ripple’s CEO said that JPMorgan Chase’s entrance into the cryptocurrency community is a good thing. However, that was the only positive thing he said about the new JPM coin. Garlinghouse is sticking firm to his original stance on these new bank stablecoins, claiming they will ultimately cause more chaos.

JPMorgan Chase announced the news of its new stablecoin back on February 14th and Garlinghouse was one of the first major executives in the cryptocurrency space to chime in.

In the tweet above, Garlinghouse linked a post he wrote back in August of 2016 regarding his view of the potential future of bank coins. It seems his prediction is coming true. The CEO’s argument is that if banks start making their own stablecoins, like JPM coin, it will make the financial system far more dysfunctional than the current one.

Garlinghouse believes that the current financial system lacks interoperability and each bank adding its own stablecoin will not solve this problem. In the fireside chat yesterday at the DC blockchain summit, Garlinghouse described a system shifting to exactly what he predicted in his article.

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He explained:

“This guy from Morgan Stanley was interviewing me last week, and I asked him, so is Morgan Stanley going to use the JPM Coin? Probably not. Will Citi use it? […] Will PNC? And the answer is no. So we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability.”

It’s clear that Garlinghouse firmly believes in his company and what they offer financial institutions. To an extent, he has a very valid point, but it seems these major US banks want nothing to do with XRP.

Why do you think banks aren’t adopting Ripple and XRP? Is it that XRP isn’t a ‘stablecoin’ like JPM coin is? Do you think they want their own control and power over the system? Leave your comments below!

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JPM Coin

Could Consumers Use the JPM Coin One Day? Maybe

JPMorgan Chase held their annual investor day yesterday. The company’s CEO, Jamie Dimon, was involved in a question-and-answer session and answered a few questions about the bank’s latest venture, the JPM Coin. The world’s first bank coin was originally meant for cross-border remittances, but it seems the bank may have other ideas for it down the road.

JPM Coin for Consumer Use?

During his Q&A session, Dimon explained that he believes the coin could be used in various sectors of the financial industry. “JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” said the CEO.

Two weeks ago, the US major bank announced the news of its JPM coin. It was a shock to much of Wall Street and the cryptocurrency community. Dimon has been a long-time critic of Bitcoin and has even gone as far as calling the digital currency a fraud.

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When the news was released, critics began immediately chiming in—including Ripple’s CEO Brad Garlinghouse. Garlinghouse feels that if every major bank were to adopt its own bank coin, it would make the world’s financial system far more flawed than the current one using SWIFT. The new JPM coin would be in direct competition with Ripple and its underlying cryptocurrency XRP. Ripple, via XRP, does exactly what JPMorgan is trying to accomplish.

Now, JPMorgan wants to expand the coin’s use far beyond what was originally released. From the original announcement, JPM coin was designed to settle transactions between clients of its wholesale international payments business. The blockchain, they believe, will speed up this process.

Currently, the digital currency is being tested in a trial run with a few corporate clients, as well as internally in the bank. At this time, consumer use of JPM coin seems in the idea stages, but if major banks start making their own stable coins, the idea could be pushed further.

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Coinbase Pro

Coinbase Pro FINALLY Adds Ripple and XRP Gets a Boost

It’s official, Coinbase Pro has officially added Ripple (XRP) to its platform—finally! The US-based cryptocurrency exchange announced the news via its blog and social media platforms yesterday. It seems that Coinbase is no longer waiting for the US Securities and Exchange Commission to make a decision on if XRP qualifies as an unregistered security or not. Cryptocurrency investors have been waiting for this move for many years.

Coinbase Pro Adds XRP

The post states that the exchange began accepting inbound transfers of XRP yesterday at 10 AM. When a sufficient supply of the digital currency is established on the platform, Coinbase will open trading. Trading for XRP will only be accessible to Coinbase Pro users in the US (excluding NY), EU members, Canada, Australia, Singapore, and the UK.

The company plans on adding additional jurisdictions down the road.

XRP Launch Stages

There will be four stages to the launch of XRP. Coinbase explained in its blog post that it “will follow each of these stages independently for each new order book.” As the company moves through each of these stages, if the specific stage doesn’t meet its assessment for a healthy and orderly market, Coinbase will likely remain in that stage for a longer period of time than previously anticipated.

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The exchange might also suspend trading at that time to fix and access the issue. The company plans on informing investors of its stage moments via its official Coinbase Pro Twitter account.

Phase one started yesterday and will be transfer-only. As stated above, customers are now able to transfer XRP into their Coinbase Pro account. Customers are not yet able to place orders.

Phase two will be post-only. Customers will be able to post limit orders, but no matches (completed orders) will be done at that time.

In the third stage, limit orders will begin matching, but customers will be unable to submit market orders.

In the final stage, full trading services will be available, including limit, market, and stop orders.

XRP Price Movement

At the time of writing, XRP is trading at $0.32 a coin, up +5.07% in 24 hours.

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Ripple

Ripple Feeling Pressure? Brad Garlinghouse Speaks Out About JPM Coin

Ripple’s CEO, Brad Garlinghouse, has finally responded to JPMorgan’s recent announcement of its new JPM Coin. Is Ripple feeling the pressure or just annoyed with a bank adopting a similar system? Let’s find out.

Ripple CEO Responds to JPM Coin News

Long before this tweet, Garlinghouse released a blog post titled ‘The Case Against BankCoin’ on his LinkedIn back on August 24th, 2016. The post describes the very thing that was just recently released by JPMorgan. In his earlier piece, Garlinghouse feels these projects are misguided and would cause even more friction than what our current currency landscape has now.

The CEO explained:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

Garlinghouse believes that if each major US bank adopts its own coin, the system will become flawed because they aren’t all using the same digital currency and blockchain system.

SWIFT is the current financial system both projects are attempting to replace, and many analysts speculated yesterday that JPMorgan’s new project will be a direct threat to Ripple.

“JPM’s project is much more evolutionary than revolutionary—it is utilizing a private, permissioned blockchain technology called Quorum, which is much closer to a Google Sheet than a Bitcoin,” said Travis Kling, the Los Angeles-based founder of crypto hedge fund Ikigai Asset Management. “The project is clearly competing directly with Ripple Labs and their centralized cryptocurrency XRP.”

It is highly unlikely that if other major US banks get on board, they will adopt the JPM Coin. Most likely, each bank will want to use its own system and coin—after all, they are competitors. Like Garlinghouse said, that could make for an even more messy financial system than the one we currently have.

The biggest contention point between XRP and the new JPM Coin is its value. JPMorgan said yesterday that its coin is directly pegged to the US dollar, making it a stablecoin. XRP, on the other hand, is not, which may be a reason why most of the major US banks have opted out of using Ripple and XRP for cross-border transactions and remittances.

JPMorgan will start testing its digital currency in small doses within the next few months. It will be interesting to see how the other major US banks respond and if they will start trying to whip up their own blockchain and digital currency.

What are your thoughts? Is the JPM Coin a major threat to Ripple and XRP?

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