JP MORGAN Crypto News
JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business.
Engineers have created the ‘JPM Coin’ a digital token that will be used to instantly settle transactions between it’s clients.
This token won’t be utilised for all of it’s transactions, but it’s a small leap in the right direction for early adoption, and the first leap of this kind for a Top US Bank.
The CEO of JP Morgan Jamie Dimon has previously slated ‘bitcoin’ before calling it a “fraud” He does however believe in blockchain and regulated currencies.
The head of JP Morgans blockchain projects said.. “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this," as well as this he said that this blockchain will have many applications such as.. International payments for large corporate clients who are looking for faster solutions than those that are readily available today.
Transactions of securities — the bank tested a similar function on the blockchain during last year.
Treasury services business to replace dollars corporations hold in subsidiaries across the world.
What do you think about this news? Let us know in the comments? #jpmorganchase #blockchains - 2 days ago