Dave – Cryptocurrency Enthusiast
In the latest cryptocurrency news, established financial institutions are adopting blockchain technology to reinvent traditional financial systems.
U.S. banking behemoth, JPMorgan, has unveiled its novel blockchain-centric tokenisation system, named the Tokenised Collateral Network (TCN), as reported by Bloomberg on Oct. 11. This innovative platform marked its maiden trade with BlackRock, a renowned asset management titan.
TCN, JPMorgan's avant-garde solution, paves the way for investors to anchor their cryptocurrency investment in tangible assets. Harnessing the prowess of blockchain technology, the platform facilitates the transfer of asset collateral rights, eliminating the need for actual asset transfer in the foundational records.
During its inaugural public collateralised transaction, the TCN effortlessly morphed shares from a specific money market fund into digital tokens for BlackRock. Subsequently, these tokens were channelled to Barclays bank, serving as a guarantee for a direct derivatives transaction between the two corporate entities.
JPMorgan had initially put the TCN through its pace in an internal trial in May 2022. With its official rollout, the platform anticipates catering to a burgeoning clientele and executing manifold transactions. The primary vision behind TCN's inception was to remodel and amplify traditional settlement operations on a blockchain framework. The integration of decentralised systems has endowed the platform with enhanced speed, reinforced secure cryptocurrency processing, and elevated efficiency.
As expounded by Tyrone Lobban, the figurehead of Onyx Digital Assets at JPMorgan, the fresh TCN platform liberates capital, rendering it fit for collateralisation in continuous deals, thereby amplifying operational efficiency on a grand scale. This state-of-the-art system champions the formulation, transmission, and closure of tokenised legal cryptocurrency assets. Moreover, it empowers instantaneous collateral movement, superseding its predecessor techniques.
The blockchain architecture grants clientele the privilege to tap into intraday liquidity via a fortified repo transaction, leveraging tokenised legal cryptocurrency collateral, which stands as a more viable alternative to exorbitant unsecured credit channels. External partners in alignment with the blockchain exchange maintain their exclusive node, enabling them to conclude trades and glean comprehensive reports.
Having evolved from its initial scepticism towards decentralisation, the U.S. banking colossus is now ardently delving into, and releasing, an array of blockchain and crypto portfolio management services, resonating with the soaring demand. A testament to this transition was the bank's utilisation of a blockchain-centric solution to finalise trades with Indian banking establishments earlier this June.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards