Recently JP Morgan rolled out its own cryptocoin, JPMCoin, a digital token that will be used to instantly settle transactions between clients of its wholesale payments business. The coin will have stable values(1 JMPC=$1) and will enable the bank to move and settle large amounts of funds.
What do you guys think of a major bank starting to use crypto-currencies for its transactions? Does it mean that other banks will start to follow suit and we will slowly start seeing more usage of crypto-coins?
Sources: https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-b…</a">https://www.nytimes.com/2019/02/14/business/dealbook/jpmorgan-cryptocur…
https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-b…</a">https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-b…
The good tendency of this stablecoin that people started to buy BTC. "Now that institutions and HNWI have spent the weekend looking through JPMorgan’s ‘JPM Coin’ plan... They’re buying Bitcoin" - Max Keiser
It's not quite a cryto currency...after all, its pegged to the US dollar, which effectively goes against the objective of typical crypto being completely decentralized.
JPM is experimenting to find a way to make payments instantaneous. Zelle is an example on the consumer side, but there isn't anything on the business side. Imagine a large corporation or hedge fund being able to send and receive $200MM within a couple of hours. Unheard of right now.
So to sum it up, it's more block chain than it is crypto.
Et et voluptas alias ab et incidunt deleniti. Totam in fugiat et natus.
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