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Amid the struggles in the cryptocurrency market, recent <\/span>reports<\/span><\/a> have suggested that the world\u2019s largest asset manager <\/span>Blackrock<\/span><\/a>, and financial giant <\/span>JPMorgan<\/span><\/a> might spark a massive bull run for the XRP price as they work simultaneously.<\/span><\/p>\n According to the report, Forbes Senior Contributor, Billy Bambrough, highlighted that Blackrock and JPMorgan are purportedly laying the foundation for an impending surge in the cryptocurrency sector. The report further identified several collaborative cryptocurrency moves taken by the two financial powerhouse firms.<\/span><\/p>\n Bambrough pointed out a recent report that claims that the asset manager recently <\/span>utilized JPMorgan\u2019s Ethereum-based Onyx network<\/span><\/a> and tokenized collateral service.\u00a0<\/span><\/p>\n Blackrock reportedly used the network to tokenize shares from one of its financial market funds, which was later transferred to the London-based Barclays in an over-the-counter (OTC) derivatives trade.<\/span><\/p>\n Over-the-counter (OTC) derivative<\/span><\/a> operations occur between two parties. However,\u00a0 the specifics of the order quantity, cost, and other information of Blockrock\u2019s transactions with Barclays remain concealed from the public.<\/span><\/p>\n Following the report by Bambrough, it was revealed that Blackrock became the first Wall Street giant to make use of JPMorgan\u2019s blockchain-based collateral settlement system. This was part of a move that Blackrock\u2019s Chief Executive Officer Larry Fink, has stated will pave the way for the \u201cnext generation for markets.\u201d<\/span><\/p>\n The Blackrock CEO\u2019s previous statement in an annual letter to shareholders where he emphasized blockchain technology as \u201cvery important\u201d in the past year was also mentioned in the report. Fink highlighted the role that blockchain technology plays in their financial operations.<\/span><\/p>\n Blockchain technology enables traditional assets to be \u201ctokenized\u201d on a public ledger, potentially simplifying and lowering the cost of transferring anything from stocks and bonds to real estate and alternative investments like art.<\/span><\/p>\n Due to this, Billy Bambrough believes that there will be a significant increase in the price of digital assets such as <\/span>XRP<\/span>, <\/span>Bitcoin (BTC)<\/span><\/a>, and <\/span>Ethereum (ETH)<\/span><\/a> as a result of BlackRock and JPMorgan entering the cryptocurrency industry, considering their connections to the traditional market. In addition, Ripple is also aiming to establish the <\/span>XRP Ledger<\/a><\/span> as a crucial platform for the tokenization of real-world assets.<\/span><\/p>\n BlackRock using XRP would not doubt have an immense impact on the XRP price. An example of the kind of rally it could trigger is what happened back in June with Bitcoin when the asset manager announced it had filed for a Spot Bitcoin ETF.<\/span><\/p>\n So far, Blackrock\u2019s partnering with JPMorgan marks a new milestone for the financial firm. Blackrock\u2019s recent transaction via <\/span>JPMorgan\u2019s blockchain<\/span><\/a> indicates a crucial contribution to the volume of the Ethereum-based network Onyx.<\/span><\/p>\n Additionally, the operation could unveil a new world of possibilities for established financial institutions which enables them to free up capital and boost efficiency across separate markets, as a spokesman from JPMorgan told Bloomberg.<\/span><\/p>\n JPMorgan\u2019s Head of Trading Service Ed Bond, also stated that \u201cinstitutions on the network can use a wider scope of assets to meet any collateral requirements they have on the back of trading.\u201d<\/span><\/p>\n<\/p>\n Featured image from Binance, chart from Tradingview.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Amid the struggles in the cryptocurrency market, recent reports have suggested that the world\u2019s largest asset manager Blackrock, and financial giant JPMorgan might spark a massive bull run for the XRP price as they work simultaneously. Blackrock, JPMorgan Move Might Affect XRP Price According to the report, Forbes Senior Contributor, Billy Bambrough, highlighted that Blackrock […]<\/p>\n","protected":false},"author":2,"featured_media":177300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-177299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177299"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177299\/revisions"}],"predecessor-version":[{"id":177301,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177299\/revisions\/177301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177300"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Blackrock, JPMorgan Move Might Affect XRP Price<\/span><\/h2>\n
Significance Of Blackrock\u2019s Transaction Via JPMorgan Blockchain<\/span><\/h2>\n
XRP price settles above $0.48 | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n