JPMorgan launches its own cryptocurrency; the first for a major U.S. bank | ‘They asked us for $3 million’: an inside look into getting listed on a crypto exchange
|Feb 14||Public post|
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“JP Morgan continues to get it wrong. Using blockchain to run a closed network is like wearing a designer suit to wash your car” — Timo Schlaefer, CEO of Crypto Facilities on JPMorgan’s new stablecoin-like token
The Big Block
The first cryptocurrency created by a major US bank is here – and it’s from JP Morgan Chase.
The New York-based bank has taken the much-awaited step of launching its own digital token, CNBC reported Thursday.
A “tiny fraction” of the bank’s $6 trillion in daily transactions will be conducted by its newly created ‘JPM Coin’ to settle international payments at any time of the day and within seconds, said Umar Farooq, head of J.P. Morgan’s blockchain projects. It will also be used for securities transactions and for corporations using the bank’s treasury services, the bank confirmed in a blog post.
As each JPM Coin is redeemable for a single U.S. dollar, it shares the qualities of a stablecoin. CNBC specified that “clients will be issued the coins after depositing dollars at the bank; after using the tokens for a payment or security purchase on the blockchain, the bank destroys the coins and gives clients back a commensurate number of dollars.”
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