Signature Bank takes on JPMorgan
2019年2月20日 - 2:11AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 19, 2019 -- ADVFN Crypto NewsWire -- The COO from the
world’s largest hedge fund just moved to the crypto-sphere,
according to CoinDesk. If you are wondering why Thomas Kim chose to
leave Bridgewater Associates for a crypto firm called trueDigital,
the answer lies in Signature Bank.
Signature Bank, at its’ heart, is a
real, licensed, traditional bank that deals in cryptocurrencies
with regulatory approval. Their platform called Signet, was created
in a partnership with trueDigital to settle large amounts of
transactions with no middleman at all. Therefore, it would appear,
in Signature Bank’s case, that automated clearing houses and
similar systems are no longer needed.
At the same time, the Signet
service is only open to institutional clients at this time,
according to Signature Bank’s website. Still, adding to the
platform’s utility is the report today that trueDigital plans to
market its’ work with Signet as an example of how it can develop
similar services for other large clients in the traditional
financial space.
With Thomas Kim at the helm, who
reportedly helped to lead Bridgewater Associates to a 14.6% yearly
return on one of its’ funds last year, it would seem that
trueDigital’s chances of doing so are sound.
Furthermore, if Signet continues to
be able to successfully move millions of dollars on a private
blockchain that is similar to JP Morgan’s proposed solution, then
it may just render JPM Coin and its’ related network obsolete
before they even begin to launch. Due to the fact that JP Morgan is
flush with cash and influence due to its’ reputation on Wall
Street, it is still reasonable to expect a fight either way. On top
of this, in the end, however this situation shakes out, it would
seem that private blockchains are not going away any time
soon.
By: BGN Editorial Staff
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