The international investment bank and the infamous Bitcoins skeptical JPMorgan Chase will be the first US bank to issue its own crypto competition.
JPMorgan: & # 39; Endless & # 39; Using Cases for Cryptocurrency
In a surprising feature, Umar Farooq, head of JPMorgan blockchain operations, told CNBC trials of JPM Coin would start in the coming months and that there were already three uses.
"The programs are quite frankly endless; all you have a distributed ledger involving businesses or institutions can use this," he said in an interview on February 1
JPMorgan is likely to offset the financial sector with the move after adopting As a Bitcoinist reported, CEO Jamie Dimon became notorious after calling Bitcoin a "scam" in 2017 – able to relocate the entire Bitcoinist . price in the process.
] Dimon since appeared on the U-turn on the comments, later vowing to not mention the Bitcoin public again, meanwhile, other managers have apparently warmed to the cryptocurrency industry, rumors of circulation last year. JPMorgan would even launch Bitcoin -related instruments.
In May, the bank filed a patent for a P2P interbank blockchain payment system, with settlements between large corporate customers now set to form a major focus for JPM Coin.
"The money goes back and forth all over the world in a big business," Farooq continued.
"Is there a way to ensure that a subsidiary can represent cash on the balance without actually having to be led to the unit? In this way, they can consolidate their money and probably get better rates for it."
JPM Coin will also see implementation in securities transactions and as part of JPMorgan's treasury services.
Just a "small" "The amount of total fluids involved in these areas will initially use cryptocurrency, JPM coins that act as a 1: 1 dollar replacement resembling a stable coin.
" Self If this was limited to JPM clients at institutional level, that shouldn't hold us back, Farooq said.
Last year, the bank's co-president Daniel Pinto also saw a record to admit that cryptocurrency will play a role in the future global economy.
"I think the concept is valid, you have many central banks looking at," he said to speak to CNBC in May.
"The acquisition of the economy, for me, is real. Cryptocurrencies are real, but not in current form."
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