Financial Behemoths BlackRock and JPMorgan Set to Ignite XRP Rally

October 19, 2023 at 01:47 AM GST 2 mins read News

Forbes predicts a bullish XRP rally led by BlackRock and JPMorgan’s crypto initiatives.
BlackRock’s use of JPMorgan’s blockchain tech underscores their crypto commitment.
False reports on BlackRock’s Bitcoin ETF spurred market excitement, hinting at institutional demand for XRP and Bitcoin.

In a recent analysis by senior Forbes contributor Billy Bambrough, the cryptocurrency XRP is poised for a significant surge, primarily fueled by the strategic moves of two financial powerhouses, BlackRock and JPMorgan.

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Forbes predicts that BlackRock and JPMorgan are silently preparing the grounds for an upcoming surge in the cryptocurrency market. To support this claim, Bambrough points to their joint initiatives in the crypto space.

BlackRock has achieved a significant milestone by being the first to utilize JPMorgan’s blockchain-based collateral settlement program. This move aligns with BlackRock’s broader crypto strategy, as CEO Larry Fink aims to usher in “the next generation for markets” by embracing blockchain technology.

Moreover, recent reports confirm that BlackRock has employed JPMorgan’s Ethereum-based Onyx network and tokenized collateral service. They successfully converted shares from one of their financial market funds and transferred the tokenized assets to Barclays in an over-the-counter derivatives transaction.

Fink has emphasized the importance of blockchain technology in their financial dealings. He highlights its significance in modernizing the transfer of traditional assets like stocks, bonds, and real estate.

Forbes also points out a recent incident where a false report triggered a bullish sentiment in the crypto market. The report suggested that BlackRock’s anticipated spot Bitcoin exchange-traded fund (ETF) had received regulatory approval. This incident highlights the potential for major institutional demand in the cryptocurrency space, a factor that could significantly benefit assets like XRP and Bitcoin.