JP Morgan has launched its own cryptocurrency

JP Morgan has launched its own cryptocurrency

The largest Bank in the US JP Morgan has launched its cryptocurrency secured by the US dollar JPM Coin. The investment Bank launched a token, such stablein, which will have wide application: from the settlement of cross-border payments up to the use of Treasury bonds of the Bank.

Banking giant handles daily transactions worth about $6 trillion, part of which will be conducted using the established coins JPM. Coin will only be available to its institutional customers, who can buy it for U.S. dollars.

Head blockchain project of the company JP Morgan Umar Farooq sees three main options for the use of a token:

  • International payments. Large corporations transfer millions of dollars every day using Bank transfer network Swift, which usually takes a few days, and using a token, you can perform almost instantaneous calculations.
  • Operations with securities — Faruq argues that JP Morgan has created a certificate of Deposit on the blockchain by $150 million to a canadian Bank.
  • Replacement of dollars stored in Treasury bonds. The token can replace the dollars that are owned by subsidiaries of huge corporations around the world.

General Director JP Morgan James Dimon repeatedly criticized and even cryptocurrency called Bitcoin a “Scam”, but now he enjoys the first-mover advantage and seeks to gain a significant share of the market for corporate payments.

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