JPMorgan Launches Its Own Crypto
JPMorgan investment company has announced the launch of a new bank-based cryptocurrency. JPM Coin will help to limit the transfer settlement time, and also in the future replace the US dollar as an international currency for the clients of JPMorgan.
Financial institutions are usually the first ones to be associated with cryptocurrency-related investments and initiatives. Many banks have already implemented some solutions borrowed from the rival industry that is the decentralized digital assets world. Banks like polish PKO and the National Bank of Canada have already introduced some elements of the blockchain technology to their services. Now, it’s time for the rest to follow the lead. But some take it more seriously than others.
Best of the best
JPMorgan, a multinational investment company, is one of the biggest banks in the world when it comes to the market capitalization. It obviously can afford to try out and implement a lot of new technologies and become even more advanced with the services that it provides.
But JPMorgan has surprised us all with announcing the launch of JPM Coin – its new cryptocurrency. It has been created by the internal-working developers and it’s mainly dedicated to the bank’s own use. Its main purpose is to shorten the time of the transaction settlement in business transactions from days to just seconds.
JMP Coin is also supposed to replace the wire transfers for international payments and provide an instant settlement for issuance of securities.
Umar Farooq, JPMorgan’s blockchain principal, also considers future plans of making JPM Coin suitable for mobile payments.
For now, only a few of payments will be transmitted using the new cryptocurrency, as it is in its trial phase. In the future, the bank will try gradually making it the main transaction medium.
Image by Isabelle OHara
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