Chain News Daily Official TheBitTimes.com

The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T...

Another top-20 U.S. bank bites the dust, but Ethereum price fails to benefit from the event. Ether (ETH) price has shown weakness after failing to break above the $1,950 resistance on April 26. The subsequent correction drove ETH to $1,810 on May 1, nearing its lowest level in four weeks. Curiously, the movement happened while the First Republic Bank (FRB) was closed by the California Department of Financial Protection and Innovation. Curiously, the movement happened while the First Republic Bank (FRB) was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with JPMorgan to protect FRB depositors, estimating a $13 billion loss. Regarding this latest major U.S. bank failure, UBS analyst Erika Najarian stated, "This deal does not change the rates, recession, and regulatory headwinds that regional banks are facing." ETH price ignores banking crisis Curiously...