{"id":228537,"date":"2021-04-16T16:58:05","date_gmt":"2021-04-16T13:58:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development\/"},"modified":"2021-04-16T16:58:05","modified_gmt":"2021-04-16T13:58:05","slug":"visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development\/","title":{"rendered":"# Visa, JPMorgan and ING discuss Bitcoin, Ether and stablecoin development"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26b742d12b3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26b742d12b3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development\/#Have_Bitcoin_payments_advanced_since_2014\" >Have Bitcoin payments advanced since 2014?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development\/#JPM_Coin_is_not_a_cryptocurrency\" >JPM Coin is not a cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development\/#Stablecoins_will_enable_new_payment_methods\" >Stablecoins will enable new payment methods<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Visa, JPMorgan and ING discuss Bitcoin, Ether and stablecoin development <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvNjMwMTQ4ZGMtOGY2Yi00MTYwLWEyMmMtNDdkMDYwZjkwNGE2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>If 2021 has taught us anything about digital currencies, it\u2019s that big banks and major payments providers are now feeling more comfortable with Bitcoin (BTC). While the CEO of PayPal and other large corporations are\u00a0expressing excitement for crypto payments and salaries paid in Bitcoin, executives from Visa, JPMorgan and ING all agree that Bitcoin is still an investment vehicle rather than a currency.\u00a0<\/p>\n<p>This notion was revealed during a panel discussion entitled \u201cBuying with Bitcoin,\u201d which took place during Forbes\u2019 \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/connect\/event\/2021-forbes-blockchain-50\/\">2021 Blockchain 50 Symposium: Crypto Goes Corporate<\/a>\u201d online event. Michael del Castillo, associate editor at Forbes, led the discussion and was joined by Umar Farooq, CEO of JPMorgan\u2019s blockchain unit Onyx; Mariana Gomez de la Villa, program director for distributed ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> at ING; and Cuy Sheffield, vice president and head of crypto at Visa. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Have_Bitcoin_payments_advanced_since_2014\"><\/span>Have Bitcoin payments advanced since 2014?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When panelists were asked whether or not anything has changed for Bitcoin payments since 2014, all three executives noted that the primary use case for Bitcoin is still as a store of value. Farooq pointed out that accessibility is the only major change Bitcoin payments have undergone since 2014:<\/p>\n<blockquote><p>\u201cSquare and PayPal, for instance, are enabling easier ways to utilize Bitcoin. Although, I think Bitcoin payments remain more as a marketing play for many large companies.\u201d<\/p><\/blockquote>\n<p>While Farooq mentioned that consumers can certainly pay for items using Bitcoin, the volatility creates a major challenge. He further pointed out that tax implications create even more complications when it comes to crypto payments.<\/p>\n<p>Sheffield noted that Visa is seeing growing demand from customers wanting to access Bitcoin, yet many still view the digital currency as more of a \u201csavings account.\u201d As such, Sheffield explained that Visa is currently focused on \u201cstacking sats,\u201d or allowing customers to acquire small units of Bitcoin overtime. \u201cCompanies like Fold are enabling customers to spend fiat and then earn Bitcoin back.This has been our primary motivation,\u201d he remarked. <\/p>\n<p>Echoing Farooq and Sheffield, Gomez de la Villa noted that Bitcoin remains an investment, primarily due to challenges such as ongoing high transaction fees. \u201cI don\u2019t think Bitcoin as a means of payment will be widely used right now,\u201d she said. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"JPM_Coin_is_not_a_cryptocurrency\"><\/span>JPM Coin is not a cryptocurrency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Given the sentiment expressed by all three panelists regarding Bitcoin payments, it shouldn\u2019t come as a surprise that Farooq mentioned that JPM Coin \u2014\u00a0JPMorgan\u2019s digital currency offering that was announced in 2019\u00a0\u2014 is not a cryptocurrency. <\/p>\n<p>Rather, Farooq explained that JPM Coin was created specifically to meet the needs of JPMorgan\u2019s Fortune 500 and Fortune 1000 corporate clients. \u201cOur clients want access to programmable money, conditional payments and future capabilities. But they don\u2019t care as much about being on a fully decentralized, public network with autonomy,\u201d he said.<\/p>\n<p>Farooq noted that JPM Coin provides corporations with the future capabilities of payments but acts more like a digitalized <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investopedia.com\/terms\/m\/m1.asp#:~:text=Key%20Takeaways,as%20savings%20accounts%20and%20bonds.\">M1<\/a>, or the money supply typically issued by banks. He said:<\/p>\n<blockquote><p>\u201cIt\u2019s our point of view that corporations can come and interact on the platform to perform decentralized transactions across the broader ecosystem, allowing them access to programmable money. JPM Coin is not a pure cryptocurrency because, in my mind, a pure cryptocurrency is something with independent value on a public blockchain, like Bitcoin or Ether.\u201d<\/p><\/blockquote>\n<p>In addition to JPM Coin, Farooq discussed the reasons behind the recent $65-million investment round in ConsenSys, which was led by major financial institutions including JPMorgan. According to the software company ConsenSys, the new funding will help expand its enterprise blockchain infrastructure solutions to enable more decentralized finance and Web 3.0 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications on Ethereum. Given this announcement, del Castillo asked Farooq if JPM Coin is a competitor to Ether (ETH). <\/p>\n<p>According to Farooq, JPM Coin is not competing with Ether, noting that JPM Coin specifically caters to JPMorgan\u2019s clients and not to retail investors. Farooq also mentioned that although JPMorgan built the Quorum platform on Ethereum,\u00a0which has now become ConsenSys Quorum,\u00a0the idea has been for those two platforms to merge to allow for JPMorgan\u2019s blockchain solution to be built on the network that ConsenSys runs on. \u201cWe have a great relationship with ConsenSys and will continue to collaborate on the core technology with them,\u201d Farooq said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stablecoins_will_enable_new_payment_methods\"><\/span>Stablecoins will enable new payment methods <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When asked about the future of stablecoins, all three panelists agreed that stablecoins could be a useful tool for cross-border transactions, along with a solution that will enable fintechs and startups to build financial products upon. <\/p>\n<p>Stablecoins have been of particular interest to Visa, as the major credit card provider recently\u00a0announced a pilot program\u00a0that will allow its partners to leverage the Ethereum blockchain to settle fiat transactions. According to an announcement from Visa, the company will be partnering with the crypto exchange and card issuer Crypto.com to provide a crypto settlement platform for fiat transactions later this year. This will enable Visa\u2019s partners to exchange the stablecoin USD Coin (USDC) over Visa\u2019s payment network to clear fiat transactions.<\/p>\n<p>Sheffield noted that Visa has been following the stablecoin ecosystem\u00a0closely over the past few years, with a special focus on USD Coin:<\/p>\n<blockquote><p>\u201cWe\u2019ve been impressed and excited to see USD Coin and a developer ecosystem emerge around it. There is also an increasing number of fintech and crypto companies actually building their businesses on top of USDC.\u201d<\/p><\/blockquote>\n<p>Sheffield mentioned that USD Coin is becoming a \u201ccrypto-native dollar-based treasury infrastructure,\u201d noting that work is being done to ensure Visa acts as the bridge between USD Coin payments and innovative crypto companies. <\/p>\n<p>In regards to cross-border transactions, Sheffield pointed out that stablecoins will enable new digital wallet products, followed by more efficient cross-border business-to-business payments leveraged by non-crypto companies.\u00a0Echoing Sheffield, Farooq noted that stablecoins will help on the cross-border front but pointed out that regulations must first be in place:<\/p>\n<blockquote><p>\u201cIn the short term, stablecoins will act like money in your Apple Wallet \u2014 they will be used within closed ecosystems to create and generate value. But the long term depends on regulators becoming comfortable with cross-border payments at scale.\u201d<\/p><\/blockquote>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/visa-jpmorgan-and-ing-discuss-bitcoin-ether-and-stablecoin-development\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Visa, JPMorgan and ING discuss Bitcoin, Ether and stablecoin development &#8221; If 2021 has taught us anything about digital currencies, it\u2019s that big banks and major payments providers are now feeling more comfortable with Bitcoin (BTC). While the CEO of PayPal and other large corporations are\u00a0expressing excitement for crypto payments and salaries paid in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":228538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvNjMwMTQ4ZGMtOGY2Yi00MTYwLWEyMmMtNDdkMDYwZjkwNGE2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[76276,74894,74863,75885,74891,75802,74889,74880,77456,74355,117,70610,4965],"class_list":["post-228537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-payments","tag-blockchain","tag-cryptocurrencies","tag-enterprise","tag-ethereum","tag-jpmorgan","tag-payments","tag-transactions","tag-visa","tag-adoption","tag-business","tag-finance","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/228537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=228537"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/228537\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/228538"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=228537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=228537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=228537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}