JP Morgan is the first US bank to launch a Cryptocurrency. In a surprise move, the investment bank has launched a stablecoin like token which will be used anywhere from settling cross border payments to using the bank’s treasuries.
Head of JP Morgan’s Blockchain projects, Umar Farooq told CNBC:
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,”
The banking giant handles around $6 Trillion in daily transactions of which only a tiny portion would be conducted using the newly created JPM Coin.
“The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”
The coin, however, will only be available to its institutional clients who will be able to redeem actual dollars in exchange for JPM coins. According to their website, the token is issued on its own permissioned Blockchain called Quorum.
The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks.
Farooq highlights three early use cases for the token:
JP Morgan’s CEO Jamie Dimon has been critical of Cryptocurrencies and has even called Bitcoin a ‘fraud’, but now enjoys the first mover advantage and aims to gain a significant market share in corporate payments.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…