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Mounting Interests of Wall Street Players in Crypto-Avenue - JP Morgan Comes With JPM Coin, Is Facebook Launching Facecoin?

Before we run you through the core part of this write-up, let’s just reiterate that the leading investment and trading platform eToro released the key inferences of a survey conducted on investors’ sentiment towards crypto-assets and traditional financial institutions. Wherein about 43% of Millennial online traders say they have less faith in the stock market than crypto-assets.

With this fact, one can understand that Wall Street banks are now seeking attractive and promising investment avenue, maybe due to the anticipation of greater chances of recession within the next several years or investors are more aggressive for alluring returns.

J.P. Morgan has made an official announcement about its digital currency initiative ‘JPM’s Coin’ and divulged about its digital coin payment.

This is Ethereum-based stable-coin which is the extension of JPMorgan’s blockchain initiative, Quorum, an enterprise-level distributed ledger protocol forked from the Go Ethereum client.

While Elon Musk, the founder of Tesla and SpaceX, seems to be constructive on cryptocurrency prospects.

He said that Bitcoin “is quite brilliant.”He continued: “traditional currency may fade away as the crypto is a far better way to transfer value than pieces of paper, that’s for sure, but it has its pros and cons.”

In yet another instance, the renowned social media company Facebook doesn’t seem to be abstaining itself from a buzzing world. They also seem to be testing their luck in blockchain or crypto-universe, the social media giant is intending to establish a blockchain technology team. As a result, they are seeking techno-savvies to develop blockchain ecosystem, as per Facebook’s official careers page so that Facebook could incept a stable-coin through which their clients can transfer money via WhatsApp.

Currency Strength Index: FxWirePro's hourly BTC is at 157 (bullish), hourly USD spot index is inching towards 24 levels (which is mildly bullish), while articulating (at 06:02 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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