Crypto News 

JPMorgan Issues a Cryptocurrency—Here’s Everything You Need to Know

“JPMorgan Chase CEO Jamie Dimon is widely known as a critic of Bitcoin” writes Sissi Cao for observer.com. On Thursday, JPMorgan said it would introduce a blockchain-based token called “JPM Coin,” which would allow clients to make “instantaneous” money transfers and significantly lower the cost and risk of transactions thanks to the token’s underlying tamper-proof blockchain system.The bank said it was still in its prototype phase and would only be available to a small number of institutional clients at first. Source: observer.com

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GBP News 

Royal Bank of Scotland warns of Brexit risks

“For the fourth quarter, RBS made a pretax profit of 572 million pounds ($733.5 million) and a net profit of GBP286 million” writes Adam Clark for marketwatch.com. The bank declared a final dividend of 3.5 pence a share, and a special dividend of 7.5 pence a share.The quarterly performance contributed to an annual pretax profit of GBP3.36 billion and a net profit of GBP1.62 billion.Royal Bank of Scotland Group PLC (RBS.LN) said Friday that its 2018 profit rose sharply and it will pay a special dividend but warned that Brexit…

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News 

Amazon, Bank of America and Facebook are under pressure to reveal their median gender pay gap

“Lamb said that while the median pay gap may not be perfect, calling for disclosure of the data isn’t meant to create a “shock factor.”” writes Jena Mcgregor for latimes.com. “One of the reasons we want the data is not so much as a ‘gotcha — your gap isn’t closed completely,’ but so that we know what it is and we know how it changes over time,” she said. “What people are paid is a reflection of their value to the company, and who the company values.”.  Source: latimes.com

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Crypto News 

Report: Brazilian Bank Bradesco Closes Accounts of Local Crypto Exchange and Owners

“One of the largest Brazilian banks, Bradesco, has notified crypto exchange Bitblue that its banking accounts will be closed late February, local crypto outlet Portal do Bitcoin reported on Feb. 13” writes Ana Berman for cointelegraph.com. CADE initially launched a probe against six major national banks — including Banco do Brasil, Banco Bradesco, Itaú Unibanco Holding and Banco Santander Brasil — in September 2018.Following several complaints about banking accounts closure, the antitrust watchdog started investigating alleged monopolistic practices in the crypto space.Subsequently in October, Banco do Brasil and Santander Brasil…

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News 

Watchdog extends monitors mandate at Deutsche Bank on Danske dealings

“FILE PHOTO: The financial district with the headquarters of Germany’s largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt Thomson Reuters FRANKFURT (Reuters) – German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in the a money laundering scandal involving Danske Bank, Germany’s flagship lender said in a statement on Friday” reports businessinsider.com. Earlier, German weekly Der Spiegel reported that the monitor had notified the bank on the mandate extension some days ago. Source: businessinsider.com

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News 

This Singapore bank is encouraging millennials to save more through gaming

“Through UOB’s TMRW app, the more money users save, the faster they level up in the mobile-only digital bank app” writes Sukhbir Cheema for mashable.com. Singapore’s United Overseas Bank (UOB) is certainly revolutionizing the banking industry because it is set to release a mobile app specifically for millennials who want to save their money.Now, what’s special about this app is that users will no longer be saving money the old conventional way.He adds that within 10 to 15 years, the millennial generation will be the core group of customers. Source: mashable.com

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Crypto News Platforms 

HSBC Reports 25% Savings in Forex Trade Settlement Using Blockchain

“Beyond forex, HSBC is also one of a dozen banks to have launched a new blockchain trade finance platform last October, alongside BNP Paribas and Standard Chartered” writes Marie Huillet for cointelegraph.com. London-based banking giant HSBC has revealed its blockchain-powered platform cut costs for foreign exchange (forex) trade settlement by a quarter, Reuters reported on Feb. 14.The platform — based on a distributed, but permissioned, ledger — reportedly allows HSBC to coordinate payments in real time across its trading hubs in the Americas, Europe and Asia Pacific.In offering significant cost…

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Crypto News 

JPMorgan just launched its own cryptocurrency: What you need to know

“U.S. banking giant JPMorgan Chase & Co. on Thursday announced the launch its own digital currency, dubbed the JPM Coin, to service institutional clients in the settlement of funds” writes Aaron Hankin for marketwatch.com. That said, the cost-savings and efficiency benefits would extend to the end customers of our institutional clients,” the bank said in a news release.JPMorgan said as the coin gets closer to production, dialogue with regulators will begin. “JPM Coin is currently a prototype.According to the bank, the coin is still in the prototype phase but will…

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Crypto News 

JPMorgan to use cryptocurrency for corporate-payments business

“JPMorgan Chase successfully tested a cryptocurrency it plans to use in trials for clients of its wholesale-payments business” reports paymentssource.com. JPMorgan Chief Executive Officer Jamie Dimon famously called Bitcoin a ” fraud” in 2017, though he’s repeatedly said he sees many ways the bank could use blockchain technology.JPM Coin is aimed at transferring value rather than information, according to the bank.Dubbed JPM Coin, it’s based on blockchain technology, a decentralized public ledger of cryptocurrency transactions that’s seen as a way to track transactions without central record-keeping, the bank said Thursday…

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