Cryptocurrency: JP Morgan introduces JPM Coin – TomoNews

it's the first digital token backed by a major American bank JP Morgan is creating its own cryptocurrency and is becoming the first major US bank to do so according to CNBC JP Morgan Chase announced it will be launching its own cryptocurrency called the J p.m. coin which has a fixed value redeemable for $1 the coin is designed to be used by big institutional customers such as corporations banks and brokers rather than individuals according to the bank's head of blockchain projects the digital token is meant to speed up international payments which traditionally take a day or more to settle via wire transfer it can also be used for securities transactions and treasury services when clients want to move dollars on the banks quorum blockchain system money in their account is converted to JPM coins according to Fox Business the tokens are transferred and instantaneously redeemed for the equivalent amount of dollars the New York Times reports that JP Morgan hopes to increase the coins versatility perhaps expanding in the future to represent currencies other than the dollar

13 thoughts on “Cryptocurrency: JP Morgan introduces JPM Coin – TomoNews”

  1. Well the dollar dosent mean anything so neither does this and the point of crypto is the anonymous aspect regulated by your peer , not by some bank who trying take your money and can see all the transaction .

  2. crypto have value because the supply can be verify by the blockchain if humans start living in Mars those human in Mars I don't think they will trust JP morgan coin because they are not blockchain

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