JPMorgan set to move its in-house cryptocurrency to real-world trials

14 Feb, 2019 | Updated: 14 Feb, 2019
by Richard Allen
Breaking News
JPMorgan set to move its in-house cryptocurrency to real-world trials

The first ever cryptocurrency developed by a major US bank is officially here, and weirdly enough, its from JPMorgan.

Jamie Dimon has become notorious in the crypto sphere for his critical comments on Bitcoin. Perhaps he wasn't so anti-cryptocurrencies as we thought as the new digital currency, called JPM Coin is moving to real world trials “in a few months,” CNBC reports.

Read more: JPMorgan chief executive: 'I just don't give a fuck' about Bitcoin

Developed by the bank’s own engineers, JPM coin will be sued to instantly settle payments between clients. CNBC report that the bank moves more than $6 trillion around the world every day, and the cryptocurrency and its corresponding blockchain will ensure the bank can move money in a fraction of the time.

Umar Farooq, head of the bank’s blockchain projects said, “Money sloshes back and forth all over the world in a large enterprise," he said. "Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it.”

He added that if the coin catches on, it could be used for payments on all internet-connected devices.

"Pretty much every big corporation is our client, and most of the major banks in the world are, too," Farooq said. "Even if this was limited to JPM clients at the institutional level, it shouldn't hold us back."

Read more: JP Morgan says Bitcoin might sink below $1,260

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