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- The CBB or Central bank of Bahrain has successfully completed a JPM Coin test to achieve its goal to enhance client satisfaction through secure and efficient settlement services, it’s the first time that a blockchain product by a US bank has been tested in the region.
- Manama-based Bank ABC and Aluminum Bahrain, the Middle East’s first aluminum smelter, also known as Alba were the other two firms that participated in the test. The test enabled Bank ABC to use the JPM Coin for sending real-time payments.
- JPMorgan’s subsidiary is devoted to supervising the development of the next generation of clearing and settlement infrastructure. For the further development of the JMP digital currency systems for their banking partners, the results of the testing with Alba and Bank ABC would be helpful.
The CBB or Central Bank of Bahrain completed the test of the JPM Coin, a digital currency designed for making payments using blockchain technology.
Coin’s First Experiment In The New Region
The central bank of Bahrain has disclosed that the institution is dedicated to enhancing client satisfaction through secure and efficient settlement services. The financial institution completed a trial of JPMorgan Chase’s JPM Coin in order to achieve its goal. This is the first time the US bank’s blockchain product has been tested in that part of the world.
Two other businesses were also participating in the experiment: Manama-based Bank ABC and Aluminum Bahrain, the Middle East’s first aluminum smelter, also known as Alba. The test allowed the former to use the JPM Coin to send real-time payments to the latter.
The research was supervised by Bahrain’s central bank, which declared the results “promising.” Mr. Rasheed Al-Maraj, Governor of the CBB, emphasized the success of the experiment, noting that the Kingdom will continue to use advanced technology to improve the local financial network.
Further adding he said the company aims to address and eliminate the inefficiencies of the current traditional cross-border payment system as they work with Bank ABC, Alba, and Onyx from JPMorgan.
Mr. Sael Al Waary, Group Executive Vice President of Bank ABC, claimed that his company has reached an “important milestone” by participating in the test. He believes that cryptocurrencies will play a “critical role” in the future transformation of the digital economy.
CEO of JPMorgan Bahrein, Ali Mousa also shared on the matter and said:
The ONYX subsidiary of JPMorgan is committed to leading the development of the next generation of clearing and settlement infrastructure. The results of the testing with Bank ABC and Alba would help to inform development in the future of the JMP digital currency systems for their banking partners.
Crypto Asset Offerings By JPMorgan
The above-mentioned initiative is not the only crypto-related action ever of the company despite the fact CEO Jamie Dimon is among the biggest critics of the virtual asset industry.
The US bank permitted its wealth management clients to invest in six cryptocurrencies ETFs last summer. Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG), are four products from the Grayscale Investments and Osprey Bitcoin Trust (OBTC) is included in the Osprey Funds.
The last is a new bitcoin fund developed by NYDIG, the digital asset firm that is solely available to private bank customers.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
