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Daily crypto overview: J-Coin by Mizuho bank, MyEtherWallet news
February 22  |  1 min read

Welcome To The Jungle

BeQuant Analytics, a daily cryptocurrency market analysis contributor

Following the move by J.P.Morgan announcing the launch of its cryptocurrency, JPM Coin, another heavyweight banking giant has announced similar plans. Japanese bank Mizuho Financial, which manages over $1.8 trillion in total assets, will launch their own stablecoin cryptocurrency on March 1. Per the report, Mizuho’s new stablecoin, dubbed “J-Coin”, will be used for payments and remittance services. It is worth pointing out that J-Coin wallets also differ from traditional bank accounts in that they offer a more flexible range of payments and remittance services, such as the ability to split bills between friends and colleagues, or transfer small amounts of money easily.

In other news, according to the latest press reports, Eurex, a derivatives exchange operated by Germany’s Deutsche Börse, is expected to announce plans to launch futures tied to Bitcoin, Ether, and XRP shortly. The move will put even more pressure on already established vendors, like Bitmex exchange, which does not offer fiat related services. But this competitive pressure is unlikely to be limited to derivative exchanges as the crypto market is expected to expand its focus from daily trading volume stats to quality of execution, especially when it comes to conducting sales or purchasing larger blocks.

Concerning derivative exchanges, it is worth highlighting that February 19th marked a new volume record for CME’s Bitcoin futures contracts, with 18,338 contracts traded. The amount is equivalent to around 91,690 Bitcoin or $360 million. The CME Bitcoin futures contracts are set to expire on Friday, Feb. 22nd.

Finally, in mass adoption news, Ethereum wallet platform MyEtherWallet (MEW) has teamed up with Swiss crypto brokerage Bity to offer crypto-to-fiat transfers of up to 5,000 Swiss Francs - with no personal Know-Your-Customer/Anti-Money-Laundering (KYC/AML) checks required.

Thank you for reading,

BeQuant’s Analytics team