JP Morgan Bank To Launch A Cryptocurrency Stablecoin, called JPM Coin
JP Morgan is going to launch a cryptocurrency, or a digital token stablecoin, called JPM Coin, which will be valued at 1 USD.
JP Morgan’s Jamie Dimon is known for bashing cryptocurrency like Bitcoin, calling it a fraud, but it appears that JP Morgan has been working on Blockchain technologies to enable a more efficient means of cross country payments.
JPM Coin will only be available to the large financial institutions that need to make large payments, but not available to retail consumers.
Umar Farooq, head of J.P. Morgan’s blockchain projects claims that the JPM Coin will have three early applications for the stablecoin:
- International payments for large clients
- Securities transactions and instant settlements
- Usage of JP Morgan’s treasury services
- Potential payments on devices connected to the Internet of Things
Author: Adam Sarwar