Bitcoin Banknotes Launched, Mastercard Reports Fall in Growth & JP Morgan Finally Embracing Blockchain

Substantial gains overnight for Bitcoin and Ethereum – Bitcoin up more than $500 on yesterday to $9729, Ethereum also up by 10% over the same period to $797. If the market momentum continues at this rate, $10k Bitcoin and $800+ Ethereum levels should be easily reached and passed in the coming days.

Mastercard reports a drop in growth during Q1 citing a fall in the number of customers buying cryptocurrencies with their cards when addressing an earnings call earlier in the week, however Mastercard President and CEO Ajay Banga also makes an arguably inaccurate statement by saying “As you can see, right now there's a little less interest than there was in the latter part of the fourth quarter and the first quarter,”. The reality is a number of major banks banned the use of credit cards to purchase cryptocurrencies in February which is the more likely reason for stunting Mastercards growth.

The irony klaxon is ringing loudly on the news of a patent application (initially filed in October) by bankers JP Morgan to implement the use of distributed ledgers to record transactions and data storing. The bank sees value in the ability to speed up payment processing significantly for cross-border payments in the future. Considering Chief Executive Jamie Dimon’s “Bitcoin is a fraud” claims back in September the penny has now perhaps finally dropped for the firm and its attitude toward the world of blockchain and crypto.

Swiss company Tangem have rolled out what would appear to be the first “Smart Banknotes” at the Megafash Suntec City store in Singapore, offering physical bitcoin banknotes in 0.01 and 0.05 BTC denominations. The notes are claimed by the company to be “comparable to a well-protected paper banknote”. Tangem notes utilize the new Samsung S3D350A chip with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.

inside a bitcoin banknote

Tangem recently hired former VISA Senior Vice President Vijay Sondhi as their Senior Strategic Advisor to push the technology into new markets and sectors – another likely painful blow for VISA after CFO Vasant Prabhu’s derisory comments about cryptocurrencies in March.

 

Created: Friday, May 4, 2018

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