JP Morgan Chase Prepares To Launch Its Own Cryptocurrency
JP Morgan to launch its own cryptocurrency
Jp morgan chase, one of the largest banks in the world, has developed its own cryptocurrency JPM Coin and is preparing for global tests in real conditions.
The trial transactions should begin in a few months. JPM Coin will be used for part of international settlements between large companies and institutional institutions. The network will become an alternative to traditional bank transfers, such as SWIFT, and will also reduce the transaction time from a few days to a couple of seconds..
The coin is also planned to be used for instant settlement for securities issues, replacing funds in the internal accounts of separate divisions of corporations that are clients of JP Morgan and potentially for mobile payments.
The new settlement method will be introduced gradually, starting with a small volume of JPM Coin. According to representatives of the financial giant, the use of cryptocurrency, even exclusively in an institutional environment, will not create restrictions, since most corporations and banks are their clients..
Facebook is also secretly developing its own cryptocurrency. and recently began to rapidly expand the staff of its blockchain division.
text: Ivan Malichenko, photo: marketwatch