[2013-03-21]IBM Joins Two Major U.S. Banks to Issue their Own Crypto

[Vladdirescu87]

IBM Corp., one of the leading technology providers for creating crypto, revealed that two bullish U.S. banks are gauging the benefits of following JPMorgan’s position in issuing a stablecoin. JPMorgan is the biggest U.S. bank in terms of assets, it moves over $5 trillion in wholesale payment daily. The move by IBM threatens Ripple in one way or another.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/ibm-joins-banks/

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[joniboini]

Okay, looks like XLM and JPM Coin will be used for banks payment. But they also said IBM will also support other cryptocurrencies. So does this mean they only act as a payment gateway? Bitcoin and other currencies that they've said already has their own blockchain so I don't think they'll fork it and then peg the value to BTC, that's not as good as it sounds.

[Kakmakr]

Strange that they partnering with Banks, because the vice president of blockchain and digital currencies for IBM, Jesse Lund, said that he expects Bitcoin’s (BTC) price to eventually hit $1 million.  - Source : https://cointelegraph.com/news/bitcoin-will-hit-1-million-says-ibms-vp-of-blockchain-jesse-lund and this was only 1 month ago. <FEB 21, 2019>

These BankCoins are totally missing the market with their "private" coins, with centralized authority. Banks have shown how irresponsible they can be and now IBM wants to trust them with a partnership to create and manipulate their own currency? <Nobody learnt something from the near economic collapse in 2008 and the Banks involvement in that.> 

[Slow death]

why coindol bothered to publish it? I do not see how this will benefit bitcoin, on the contrary it only shows the banks' attitude towards bitcoin and cryptos. Banks will develop their own shitcoins because they do not want to stay behind in competition against bitcoin, banks always want profits and attention.

[snipie]

why coindol bothered to publish it? I do not see how this will benefit bitcoin, on the contrary it only shows the banks' attitude towards bitcoin and cryptos. Banks will develop their own shitcoins because they do not want to stay behind in competition against bitcoin, banks always want profits and attention.

Coinidol and other blogs/news sites related to cryptocurrencies cannot keep working without publishing random news...
I do not understand the point of having hundreds of shitcoins, stable coins... Better to have 1-3 universal coins that can be used by everyone just like bitcoin.

[gentlemand]

Strange that they partnering with Banks, because the vice president of blockchain and digital currencies for IBM, Jesse Lund, said that he expects Bitcoin’s (BTC) price to eventually hit $1 million.  - Source : https://cointelegraph.com/news/bitcoin-will-hit-1-million-says-ibms-vp-of-blockchain-jesse-lund and this was only 1 month ago. <FEB 21, 2019>

These BankCoins are totally missing the market with their "private" coins, with centralized authority. Banks have shown how irresponsible they can be and now IBM wants to trust them with a partnership to create and manipulate their own currency? <Nobody learnt something from the near economic collapse in 2008 and the Banks involvement in that.> 

Bitcoin and a SWIFT replacement are two very different things. You can be bullish on BTC and still fiddle around with something to replace the existing banking back end.

Perhaps once they've wised up they'll have some sort of back end that uses BTC's computation to secure itself. They're never going to expose fiat movement to BTC's value fluctuations.

[btyco]

Switching to bank coins is going to require major changes to the way they work. some don't have the people or desire to change their operations, using an ibm solution will help with support

[Betwrong]

I'm wondering can this trend be the beginning of the end for Ripple? Wasn't XRP supposed to be the one and only "coin for banks"? And, in my opinion,  it was getting a lot of support exactly because of that status.

There wasn't a significant decline in Ripple's price after the news though, so, apparently, Ripple investors think otherwise.

[Theb]

These banking institutions are still waiting for legal approvals from concerned regulators and they include South Korean-based Busan Bank, Philippines-based Rizal Commercial Banking Corp. (RCBC) and are anticipated to have finished issuing a stablecoin in Q2 of 2019.

So South Korea and the Philippines and at least four other countries will all have a stable coin of its own by Q2 2019 at the earliest, did I read the news correctly or am I missing something? Because I am just surprised that another one of the domestic bank here besides UnionBank in the Philippines is involved in this process, the Philippines might be having some internal competition since UnionBank has been the first one to support cryptocurrencies in the country by having their own Blockchain based banking system which is connected to their users' bank accounts. RCBC bringing a Philippine Peso based stable coin might just make them catch up or even overtake UnionBank in the crypto industry.