Citi Bank Abandons Plan for Native Crypto
19 March 2019 - 3:30AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 18, 2019 -- ADVFN Crypto NewsWire -- At one point, we
might have effectively ended up with two JPM Coins. While nearly
every crypto fanatic in existence is likely following JPMorgan
Chase’s foray into crypto development, many might not be aware that
Citi Bank was planning to do the same in the past.
Reportedly, all the way back in
2015, which may seem like an eternity to most people in this space,
Citi Bank had been testing the waters related to using a
token to make payments around the world easier and more
efficient.
At the end of what was apparently a
closed pilot, Citi Bank went public with information to the effect
that the use case for a blockchain-based token was not strong
enough to warrant abandoning any existing frameworks in favor of
it. They even doubled down in saying that they would be on board
with more research being done with the SWIFT Network.
Still, they have not entirely
abandoned the idea that the blockchain does present a real utility
for traditional banks. With projects like CitiConnect, that aims to
work on increasing the liquidity of the global private securities
market, which includes making its’ transactions more cost
efficient.
With this, JPM Coin, and other
ventures like Bakkt in mind, it is clear that traditional financial
institutions realize the blockchain’s power. However, since they
seem to shy away from using it to help the average consumer, it is
easy to argue that many of them want to keep that power locked up
for the elite.
Knowing how Bitcoin and just about
any reliable blockchain network works means knowing that even if
this is true, such an approach will not last. If Bitcoin persists,
it will become a global currency, in some sort of major
context.
By: BGN Editorial Staff
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