Uncover JPMorgan's tokenized BlackRock shares, Standard Chartered's ETH predictions, and how Coins.ph is changing remittance with Circle.
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Tokenized BlackRock Shares Debuted by JPMorgan

Tokenized BlackRock Shares Debuted by JPMorgan

Uncover JPMorgan's tokenized BlackRock shares, Standard Chartered's ETH predictions, and how Coins.ph is changing remittance with Circle.

Date:
Oct 12, 2023
| Issue
#
124

Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Before diving into JPMorgan’s tokenized shares and the latest stories of the day, let's take a quick look at market price action.

Tokenized BlackRock shares debuted by JPMorgan 

On Wednesday, JPMorgan announced that it successfully conducted its inaugural live transaction for collateral settlement using blockchain technology. This groundbreaking transaction involved BlackRock and Barclays, two prominent financial institutions.

To facilitate this transaction, JPMorgan utilized its Ethereum-based Onyx blockchain and its Tokenized Collateral Network (TCN). BlackRock leveraged this technology to tokenize shares from one of its money market funds. These tokenized shares were subsequently transferred to Barclays Plc to serve as collateral in an over-the-counter (OTC) derivatives trade.

The tokenization of traditional financial assets is a significant development within the banking industry. JPMorgan has been at the forefront of this movement, and its efforts have now been joined by other major players such as Citi. This demonstrates the growing recognition of the potential benefits that blockchain technology can offer in terms of efficiency and security in financial transactions.

ETH to hit $8,000 by year-end, says Standard Chartered

According to a report from Standard Chartered Bank, the price of ether (ETH), the native cryptocurrency of the Ethereum blockchain, has the potential to reach $8,000 by the end of 2026. Currently priced at around $1,600, this projection suggests a significant increase. Geoffrey Kendrick, head of forex and crypto research at Standard Chartered Bank, explained that Ethereum's dominant position in smart contract platforms, as well as its growing applications in gaming and tokenization, contribute to the potential rise in ETH's value. Kendrick believes that these factors could lead to a five-fold increase from its current price.

Coins.ph collaborates with Circle or USDC remittances

In a press release on Tuesday, Coins.ph Chief Executive Officer Wei Zhou expressed that the partnership between Coins.ph and Circle aims to demonstrate how USDC can offer a faster, more affordable, and easily accessible remittance option for their 18 million Filipino users and their loved ones residing abroad.

According to the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, remittances from overseas Filipino workers continue to play a crucial role in the country's economy. In 2022, BSP reported a total of US$36.1 billion in remittance flows.

WOO Network to buy back shares and tokens from 3AC

Taiwan-based liquidity provider WOO Network has reached an agreement with Teneo, the liquidator of bankrupt hedge fund Three Arrows Capital (3AC), to buy back the shares and tokens it had previously sold in 2021.

In a press release, WOO has agreed to cancel the shares that were purchased by 3AC during the Series A fundraising round in 2021 and to repurchase 20 million WOO tokens. These tokens are currently valued at approximately $3.4 million. The tokens have been transferred to a burn address or a crypto wallet that is inaccessible to anyone. During its Series A fundraising, WOO successfully raised $30 million, although the specific amount invested by Three Arrows Capital remains undisclosed.

Other breaking news

Wrapping up

As we wrap up today's issue of Datawallet Daily, the big takeaway is the escalating integration of traditional finance and crypto through tokenized assets, highlighted by JPMorgan's debut of tokenized BlackRock shares. Meanwhile, bullish forecasts for ETH and new partnerships like that of Coins.ph and Circle indicate the increasing versatility and adoption of crypto. Stay tuned for more insightful updates on the ever-evolving crypto landscape.