'Most of crypto is still junk' — JPMorgan blockchain head
The head of JPMorgan’s digital assets unit Umar Farooq has suggestedthat most of the crypto assets on the market are “junk” and that real crypto use cases are yet to fully present themselves. During a panel discussion at the Monetary Authority of Singapore’s Green Shoots Seminar on Aug. 29, Farooq stated that regulation is yet to catch up to the burgeoning industry which is holding back many traditional financial (TradFi) institutions from getting involved. He also opined that with the exception of a few, utility for most crypto assets is lacking: “Most of crypto is still junk actually, I mean with the exception of I would say, a few dozen tokens, everything else that has been mentioned is either noise or frankly, is just gonna go away.” “So in my mind, the use cases haven’t arisen fully, and the regulation hasn’t caught up and I think that's why you see the financial industry, in general, being a little bit slow in catching up,” added Farooq, who serves as CEO of JPMorgan’s blockchain unit Onyx Digital Assets (ODA).
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Bitcoin: A platform based on the Lightning Network is being developed by MicroStrategy. – cryptowiky
MicroStrategy has almost 130,000 bitcoins (BTC) in its possession and is developing a platform based on the Lightning Network. As a result, it is seeking a software engineer with expertise in developing solutions that take use of Bitcoin's Lightning Network and the Bitcoin blockchain.