JP Morgan presents "JPM Coin" - the first cryptocoin from a large bank

14.02.2019 / 18:03

Rating:

The Wall Street giant, JP Morgan Chase, has launched its own cryptocurrency to increase the efficiency of cash settlements.

According to a CNBC report, the coin will be called "JPM Coin" and is still in development, but the bank is preparing to start the first experiments with its new digital asset within a few months.

Umar Farooq, head of Blockchain's bank projects, commented to CNBC: "Everything that exists in the world now moves into the world of blockchain, including payment methods and transactions." The apps are actually endless, all about moving some information , the storage and validation of data between corporations and institutions can be transformed into blockchain mechanisms. "

In the beginning, the tokens will be used to close a small portion of customer transactions, especially in business, and in real time. Mostly, only the large institutional clients of the bank, with regulatory access, will have the opportunity to use the pipe.

JPM Coin will be similar to the current stable coins, which will be equivalent to one dollar. The bank will provide the token when the customer makes a deposit, and once the tokens are used for some purchase or transaction in securities in the blockchain environment, the bank will destroy the token by returning the token value versus the dollar back to one.

JP Morgan, and especially the CEO of the bank, Jamie Dimon, do not have a good story with Bitcoin. He publicly expressed a negative opinion about digital currencies that they are a scam. He even compared Bitcoin with the famous "tulip bulbs" that created a bubble, adding that: "It will not finish well, some will lose a lot."

Source: Finance Magnates

Trader Martin Nikolov

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

JP Morgan presents "JPM Coin" - the first cryptocoin from a large bank

London

Universal numbers