JPMorgan Chase to create digital coin using blockchain

JPMorgan Chase plans to launch its own digital coin, called “JPM Coin”, that customers will be able to use for instant transfer of payments over a blockchain network.

The largest US bank by assets said customers, on depositing money at the bank, will be issued the cryptocurrency that can be used for transactions over the network with other JPMorgan clients.

The coin can be redeemed for a US dollar, so its value will largely remain stable, the bank said.

When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of US dollars, reducing the typical settlement time, the bank said.

The bank’s chief executive Jamie Dimon once criticised the original cryptocurrency bitcoin, calling it a “fraud” in 2017. Back then Dimon said cryptocurrencies are “worse than tulips bulbs,” referring to a famous market bubble from the 1600s.

He tempered his view a few months later, saying he regretted calling bitcoin a fraud, but maintained his disinterest in the cryptocurrency.

The bank said in a presentation on its website discussing the new JPM Coin that it was supportive of “cryptocurrencies as long as they are properly controlled and regulated.”

To read more, please click on the link below…

Source: JPMorgan Chase to create digital coin using blockchain – Finance – iTnews