Cryptocurrency Prices Rise as JD Launches Blockchain Platform

Cryptocurrency prices saw an increase on Monday, drawing attention to reports that Chinese e-commerce giant JD.com will be launching a new blockchain platform.

At 1:40 AM ET (05:40 GMT), one cryptocurrency rose 1.5% to $6,452.6 on the Bitfinex exchange. Another digital currency traded 2.1% higher at $298.1 on the same exchange. Additionally, one cryptocurrency surged 5.0% to $0.34002 within the last 24 hours, while another gained 0.3%, reaching $57.460.

JD.com announced its new blockchain initiative, called the “JD Blockchain Open Platform,” which aims to serve enterprise clients and assist them in developing, hosting, and implementing their own blockchain applications for operational management. The company claims that this solution will enhance operational efficiency, including areas such as goods tracking, property assessment, and transaction settlements.

Jian Pei, head of JD’s big data and smart supply chain division, commented, “JD Blockchain Open Platform is a culmination of the expertise and experience in blockchain technology that we initially developed for our own operations, to provide more visibility to consumers.” Pei also expressed optimism about collaborating with other companies, mentioning that CIPC is set to be the platform’s first customer.

In related news, analysts from Bernstein & Co noted that revenue generated from cryptocurrency exchanges could potentially double this year, despite the recent decline in digital asset prices. In a report titled “Crypto Trading – the Next Big Thing is Here,” they suggested that traditional financial firms are hesitant to enter the crypto spot trading market soon due to regulatory concerns and issues related to money laundering.

The analysts highlighted that Coinbase, a U.S. exchange supported by traditional banks and venture capital, may secure an “unassailable competitive position” unless the financial sector becomes more involved in cryptocurrencies.