Sam Bankman-Fried Will Take the Stand; Deutsche Bank Tests a SWIFT Alternative for Stablecoins

Sam Bateman Fried's big moment in court and a banking giant hits a new milestone. You're watching Coin Desk Daily. I'm your host, Jen Sani. All right, let's take a look at the markets. The coin desk, Bitcoin price XX index is currently hovering around $34,200. The largest Cryptocurrency by market cap is down slightly after briefly topping $35,000 twice this week. This comes as US GDP increased at an annual rate of 4.9% in the third quarter. It's even better than expected. Thanks in part to strong consumer spending. Despite higher interest rates, the criminal trial of Sam Bekman Fried resumes today with the FTX founder expected to soon take the stand. The defense has sought to argue that Beman Fried did not intend to defraud his customers or investors and he depended on advice from his lawyers earlier on Coindesk TV, lawyer Rachel Maman weighed in on whether SB fs prior media appearances or tweets could be used against him in court. I can't think of a situation where any prior statement he's made cannot be used to cross examine him. Uh uh especially once he's opened the door by taking the stand. He's every, all of those statements are going to come back to either help or haunt him or both Deutsche Bank and Standard Chartered sc ventures are testing a system that will allow Blockchain based transactions, stablecoins and central bank digital currencies to talk to one another. It takes a similar approach to the swift messaging layer and legacy banking infrastructure. The banks are running a series of test cases on the universal digital payments network. The UDP N currently comprises about 25 organizations including banks from the US Australia, Latin America and Europe and a major benchmark for one US banking giant JP Morgan now handles $1 billion worth of transactions in its digital token per day. That's according to Bloomberg J PM coin was first announced in 2019. The settlement token enables institutional clients to make Blockchain based wholesale payments between accounts around the world. The bank now reportedly has plans to widen the coins usage. That's a wrap for coin desk daily, get more updates on coin desk dot com and we'll see you next time.