United States Bank JPMorgan Chase reveals Plans to Test Own Cryptocurrency by the End of the Year

By: Nwabundo Wisdom
June 25, 2019 12:57 PM GMT+5:30

 

United States-based bank JPMorgan Chase (JPM) has disclosed intentions to test its own cryptocurrency JPM coin at the end of 2019, as reported by a source on June 25.

Owing to the report, the head of digital treasury service and blockchain, Umar Farooq, disclosed that the company will begin testing of its cryptocurrency with a few selected clients at the end of the year, after they have been approved to do so by the relevant regulatory bodies. He stated that the ultimate aim of the JPM Coin initiative, is to ensure speed of transactions involving payments between firms and bond transactions.

In addition, Farooq disclosed that since the stablecoin project JPM Coin was revealed in mid-February, its customers from around the globe has shown an increasing interest in the benefits of the project. Users most especially in the United States, Europe and Japan are eager to learn about the JPM Coin initiative, he said.

As stated earlier, JPM Coin will be launched as a stablecoin, clients would be able to make deposits in the bank to acquire JPM Coins which will be transferred through a distributed ledger to recipient. However, owners of the token can also trade their tokens for cash at JPMorgan.

Farooq expressed satisfaction in the initiative but also noted that it might take some time before the project gains approval by relevant agencies, he said: “The technology is very good, but it takes time in terms of licensing and approval. It must be explained.” He also stated that JPM Coin can be used as a means to settle bonds and make payments for commodities.

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