JPM Coin testing starting soon! JPM Coin testing will go live via JPMorgan Chase’s corporate clients in the near future. Bloomberg Japan broke the news with Umar Farooq, the investment bank’s head of digital treasury services and blockchain remarking how customers could soon trial the technology with the goal of faster transactions and border remittance.
The trials are being conducted on the assumption regulatory permission will ultimately be approved.
JPM Coin was first announced in February – it will be run on a private version of Ethereum that’s been developed by JP Morgan Chase. The JPM Coin will function as a stablecoin – with cash being deposited at the bank in exchange for the token. The token can then be transferred via a permissioned distributed ledger. The recipient can then redeem the token for cash from JPMorgan.
The JPM Coin is initially expected to be linked with the US dollar – however, there is no doubt that the courtesy will extend to other fiat currencies with time.
Farooq said this about JPM Coin to Bloomberg – “The technology is very good, but it takes time in terms of licensing and approval. It must be explained.”
The JPM Coin can be used to settle bonds and commodities transactions. Clients in Europe, the US, and Japan have already shown interest in the JPM Coin. No company names were revealed in the interview.
What do you think? In conjunction with Facebook’s Libra crypto, will this be the catalyst for massive crypto growth? Or are these products Trojan horses? Let us know on our Facebook page!
