- JP Morgan Chase & Co. announced growth in the cryptocurrency sector; is already using blockchain for collateral settlements for clients
- An “Onyx by JP Morgan” lounge was recently opened in the metaverse – with the bank citing a trillion-dollar annual revenue opportunity
- The bitcoin mining market was valued at $2285.4 million in 2021 and is expected to reach $5293.9 million by the end of 2028
- HIVE Blockchain Technologies Ltd. is leading the way in bitcoin mining on a greener level – using hydroelectric technology for mining purposes
- Research indicates that bitcoin mining could be used to reduce methane emissions as a whole throughw the use of bitcoin mining to combust leaking methane sources, lowering global emissions 5.32% by 2045
As technology advances, so do the capabilities of blockchain. Recently, JP Morgan Chase & Co. (NYSE: JPM) announced that as the crypto sector grows, it wants to ensure that it offers related services that support this growth. The banking company has already been using blockchain for collateral settlements – allowing clients to use a wider range of assets as collateral and trade outside of market operating hours. In addition to derivatives trading, repo trading, and securities lending, the company plans to expand on tokenized collateral, including equities, fixed income, and additional asset types. “What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis,” the company’s Global Head of Trading Services, Ben Challice, said (https://ccw.fm/Q28yL).
Embracing the future, JP Morgan opened an “Onyx by JP Morgan” lounge in the metaverse. The bank has estimated that the metaverse will be a “trillion-dollar revenue opportunity” across advertising, social commerce, digital events, hardware, and developer/creator monetization. The bank has also replaced real estate with cryptocurrencies as a preferred asset class.
Tyrone Lobban, Head of JP Morgan’s Blockchain Launch and Onyx Digital Assets, explained that as the sector grows, there will be a growing set of financial activities that happen on the public blockchain, “so we want to make sure that we are able to not only support that but also be ready to provide related services.”
Another company looking to help drive cryptocurrency adoption, and in a sustainable way, is HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (NASDAQ: HIVE), a green crypto mining company mining Bitcoin and Ethereum, using primarily clean and cheap hydroelectric power in Canada, Sweden, and Iceland. Companies like HIVE are creating a bridge between digital currency and blockchain, including the traditional capital markets.
Global cryptocurrency mining is expanding, creating multiple opportunities for companies in the sector. According to Brandessence Market Research, the global cryptocurrency mining market was valued at $2285.4 million in 2021. Growing at a CAGR of 28.5%, the market is expected to reach $5293.9 million by the end of 2028. A primary factor driving growth across the globe is the increased demand for cryptocurrency (https://ccw.fm/OIqBh).
One of the biggest concerns with bitcoin mining has been the impact on the environment. While some companies are looking to hydroelectric power, like HIVE, others are considering the benefits of bitcoin mining on methane’s impact on the environment. An ESG study on methane concluded that using bitcoin mining to combust leaking methane sources could potentially eliminate 5.32% of all global emissions by 2045. These numbers represent 23% of all global methane emissions – more than half of the UNEP’s targeted methane reduction by 45% by 2045. The study further stated that bitcoin mining has the potential to help avoid 0.15% of global warming by 2045 (https://ccw.fm/GsrfW).
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