JPMorgan Chase as one of the most popular United States banking giants will launch its own cryptocurrency for the United States banking sector first according to reports that reached our crypto news today.
Despite the fact that many believed this can unlikely happen, the banking giant will use its new digital asset named JPM Coin in order to increase settlement efficiency within three of its operations initially.
Umar Farooq, the leader of JPMorgan Chase’s blockchain focus, appeared extremely optimistic about the blockchain technology and how will it apply to the bank while speaking for a CNBC interview:
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”
The newly developed JPM Coin will focus on international settlements mainly by major corporations at first and will speed up the transactions that usually take hours or days to execute using the current SWIFT system.
Also, securities transactions will benefit from the blockchain technology as well with Farooq saying that the cryptocurrency could even expand the use cases further if it proves successful. He added:
“Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.’’
JPMorgan Chase was one of the most notorious crypto players in 2017 when the CEO of the company Jamie Dimon explicitly called Bitcoin ‘’fraud’’ and many more pessimistic comments he made at the World Economic Forum in 2018.
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