Home / Altcoins / JPMorgan Chase Will Be Launching JPM Coin To Speed Up The Settlements

JPMorgan Chase Will Be Launching JPM Coin To Speed Up The Settlements

CNBC reported on Feb. 14 The United States banking giant JPMorgan Chase (JPM) is propelling its very own cryptocurrency in the U.S. banking money first.

In a move, analysts may see as unlikely, the global loan specialist will use its recently developed asset, named “JPM Coin,” to expand settlement efficiency, initially within three of its operations.

Addressing CNBC, Umar Farooq, who drives JPM’s blockchain focus, seemed light on blockchain innovation’s points of view at the bank.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network:

“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

JPM Coin will at first spotlight on international settlements by significant corporations, helping speed up exchanges that presently take a multi day or longer using extant options such as SWIFT.

Somewhere else, treasury services and securities exchanges are also in line to profit, Farooq saying the cryptocurrency could expand further if it proves successful.

 JPM Coin at first would involve only a small amount of the total funds involved in the three areas.

He added, “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”

Last year, the World Economic Forum when CEO Jamie Dimon openly called Bitcoin a “fraud,” the banking giant became notorious among cryptocurrency participants in mid-2017.

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