JPMorgan is now using blockchain for collateral settlements in its latest experimentation with the technology. On May 20 the bank conducted its first such transaction, with two of its entities transferring tokens representing BlackRock money market fund shares as collateral on its private blockchain.

Popular browser-based wallet MetaMask is set to start helping victims of cryptocurrency scams and phishing attacks recover their lost assets through a new partnership with London-based Asset Reality, a specialist in recovering stolen assets.

Tether, the company behind the world’s largest stablecoin USDT, has announced the launch of MXNT, a stablecoin backed by Mexico’s national currency, the peso. MXNT will initially be available on Ethereum, Tron, and Polygon.

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Top stories in the Crypto Roundup today:

• JPMorgan is Using Blockchain for Collateral Settlements
• MetaMask to Support Crypto Scam Victims Through New Partnership
• Tether Launches Mexican Peso-Backed Stablecoin
• Crypto Market Movers – DCR, NEXO, PAXG
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JPMorgan is Using Blockchain for Collateral Settlements

JPMorgan is now using blockchain for collateral settlements in its latest experimentation with the technology. On May 20 the bank conducted its first such transaction, with two of its entities transferring tokens representing BlackRock money market fund shares as collateral on its private blockchain.

Using blockchain technology may allow investors to pledge a wider range of assets as collateral and use them outside of market operating hours. JPMorgan’s global head of trading services, Ben Challice, was quoted saying:

“What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis.”

The bank is set to expand tokenized collaterals to include equities, fixed income, and other asset types over the next few months. The bank has notably been using its blockchain to conduct intraday repurchase, a type of short-term borrowing in fixed income, since late 2020.

The network has now seen over $300 billion in intraday repo transactions between participants, which include Goldman Sachs and BNP Paribas.

MetaMask to Support Crypto Scam Victims Through New Partnership

Popular browser-based wallet MetaMask is set to start helping victims of cryptocurrency scams and phishing attacks recover their lost assets through a new partnership with London-based Asset Reality, a specialist in recovering stolen assets.

Asset Reality is set to act as a case handler and help MetaMask users around the globe build an investigation in the event they’re scammed out of their assets. MetaMask boasts over 30 million monthly active users and sees regular ticket requests related to losses associated with malicious actors.

According to Asset Reality, the average amount lost in a crypto scam is $25,000, with some cases exceeding $1 million. Part of the recovery process involves blockchain analytics, serving information notices on exchanges, and civil litigation.

Once a MetaMask user makes a report, Asset Reality carries out an initial investigation to provide an understanding of what happened. The firm also acts as an expert witness if the user wants to be connected with a lawyer or proceed with a class-action lawsuit.

Tether Launches Mexican Peso-Backed Stablecoin

Tether, the company behind the world’s largest stablecoin USDT, has announced the launch of MXNT, a stablecoin backed by Mexico’s national currency, the peso. MXNT will initially be available on Ethereum, Tron, and Polygon.

The new stablecoin joins several others the company has launched, including USDT, EURT, CNHT, and XAUT. These are pegged to the value of the U.S. dollar, the Euro, the Chinese Yuan, and an ounce of gold, respectively.

Tether CEO Paolo Ardoino noted that there has been rising cryptocurrency usage in Latin America, which prompted the firm to expand its offerings. Ardoino added that a “Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico.”

The company also cited a report by crypto payments company Triple A, which said 40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form, with 71% within this segment focusing specifically on cryptocurrency usage.

Crypto Market Movers – DCR, NEXO, PAXG

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Decred (DCR) - Decred is an open, progressive, and self-funding cryptocurrency with a system of community-based governance integrated into its blockchain. At its core is a hybridized proof-of-work proof-of-stake (PoW/PoS) consensus system that aims to strike a balance between PoW miners and PoS voters to create a more robust notion of consensus.

Nexo (NEXO) - NEXO token is a utility token for the NEXO exchange. It is an ERC20 compliant token in the Ethereum network. The NEXO platform allows users to lend and request loans backed by cryptocurrency.

Paxos Gold (PAXG) -  PAX Gold (PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company. Since PAXG represents physical gold, its value is tied directly to the real-time market value of that physical gold.

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