Blockchain Explorers: Uniting like SWIFT, but with a Cryptocurrency Twist!

Disrupting the SWIFT System Deutsche Bank's First Mover Approach in the Americas with a Stablecoin Alternative

Deutsche Bank tests SWIFT alternative for stablecoins

Welcome, digital asset investors! Today, we’ve got some exciting news for you. Deutsche Bank and Standard Chartered’s SC Ventures are breaking barriers and testing a groundbreaking system that will revolutionize the world of blockchain. They are creating a space where blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) can communicate with each other. Picture it as a digital cocktail party, where stablecoins on public blockchains mingle with CBDCs, exchanging pleasantries and striking up conversations.

But how is this possible, you ask? Well, they’ve decided to take a page out of SWIFT’s book. Just like SWIFT revolutionized the legacy banking infrastructure with its messaging layer, this system, known as the Universal Digital Payments Network (UDPN), will do the same for digital currencies. It’s like giving blockchain a megaphone! The banks are currently running test cases on UDPN, using validator nodes run by a consortium of banks, financial institutions, and consultancies. Created by tech consultancy GFT Group and Red Date Technology, the mastermind behind the Chinese Blockchain-Based Service Network (BSN), this system allows transactions to seamlessly occur across different networks. It’s a blockchain bonanza!

If you think that’s impressive, hold onto your hats. Sam Bankman-Fried, the wizard behind FTX, is in the hot seat. His defense team wants him to testify about his knowledge of FTX’s operations, his understanding of industry practices, and his intentions with FTX’s funds. It’s like a real-life courtroom drama, but instead of lawyers duking it out, it’s crypto enthusiasts going head-to-head. Bankman-Fried’s attorneys and the Department of Justice (DOJ) are playing a high-stakes game of cat and mouse, trying to get to the bottom of FTX’s role in the grand scheme of things. Will the truth come out? Only time will tell!

Now, let’s turn our attention to another banking behemoth, JPMorgan. Hold onto your socks, because this is a big one. They are now handling a mind-boggling $1 billion worth of transactions in their digital token, JPM Coin, every single day. That’s enough to make Scrooge McDuck’s vault green with envy! JPM Coin is like the smooth operator of settlement tokens, allowing JPMorgan’s institutional clients to make blockchain-based wholesale payments across the globe. Since its debut in 2019, JPM Coin has been dominating the dollar-dominated payments game, and they recently added support for euros. With big plans for expansion, JPM Coin aims to be the rockstar of the digital currency world. Move over, Bitcoin!

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But wait, let’s not forget the Chart of the Day. It’s like a visual feast for the eyes! This chart shows us the number of whale addresses and Bitcoin’s price since January 2014. The whale addresses count remains near bear market lows, despite the resurgent Bitcoin price. However, fear not! The lack of increase in this metric simply means that whales are waiting patiently for the perfect moment to strike. It’s like they’re lurking in the depths, ready to make their move when the time is right. So, buckle up, because a new bull cycle might be just around the corner!

Before we wrap up, let’s have some fun with our readers. Do you think it’s a whale of a tale that Deutsche Bank and Standard Chartered are taking blockchain to new heights? Or are you more excited about Sam Bankman-Fried’s courtroom showdown? Perhaps JPM Coin’s skyrocketing success has captured your attention. Let us know in the comments below, and remember, the world of blockchain is always full of surprises!

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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