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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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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