Messaging Platform LINE Partners with ICON, #Coinbase Announces Suite Aimed at Investors and JP Morgan Co-President Talks #Crypto


Crypto Corner - May 16, 2018

Messaging Platform LINE Partners with ICON, Coinbase Announces Suite Aimed at Investors and JP Morgan Co-President Talks Crypto

LINE Plus Corporation, a subsidiary of Japan's most popular messaging app LINE, has announced that it has partnered with South Korean blockchain project ICON. The joint venture, called UNCHAIN, has announced ICON's Hong-kyu Lee as CEO. The press release says:

"unchain is tasked with creating a token economy platform that better rewards the platform's users - as they are essentially the producers and consumers of information - through incorporating ICON's blockchain technology. In addition, the company has been charged with developing LINE's blockchain mainnet and decentralized app services, which were announced in April at DEV WEEK 2018 in Seoul."

Coinbase has announced the rollout of a suite of institutional products in a recent blog post by company General Manager Adam White.

These include:

Coinbase Custody: "a service that couples Coinbase's cryptocurrency security excellence with third-party auditing and financial reporting validation that operates at the high standard of an SEC-regulated, custodial broker-dealer."

Coinbase Markets: a Chicago-based electronic marketplace that "provides a centralized pool of liquidity for all Coinbase products."

Coinbase Prime: "a new platform designed specifically to provide a suite of tools and services that institutional investors rely on when trading cryptocurrency."

Coinbase International Coverage Group: "focused exclusively on serving the needs of institutional clients by providing sales, sales trading, research, market operations, and client services support."

White told CNBC:

"We think this can unlock $10 billion of institutional investor money sitting on the sideline. We're seeing a rapid increase in attention awareness and adoption in the cryptocurrency market."

Daniel Pinto, Co-President and Co-COO of JPMorgan, said that they are "looking into" the cryptocurrency space in an interview with CNBC. This follows Goldman Sachs' announcement to launch Bitcoin futures trading and Intercontinental Exchange's (ICE) decision to open an online cryptocurrency exchange.

Pinto told CNBC:

"I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form."

Sam Mowers,  Investorideas.com

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