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Big banks like J.P. Morgan Chase & Co and Citigroup Inc. recently conducted tests of the bitcoin-connected technology for keeping records on credit-default swaps, which could increase bitcoin popularity in the financial area.
The swaps are insurance instruments paying off if a bond fails, and the finding of the over-the-counter contracts might be a problem. Banks connect future sellers and buyers, transfer the trades by a service led by Markit Ltd. and dispatch this data to Depository Trust & Clearing Corp (DTCC), central bookkeeper at Wall Street.
The latest probation period has shown that the major part of this record-keeping process ... (read more)