JP Morgan launches its own cryptocurrency
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.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…
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.
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