JP Morgan tested their network with one account according to FAQ

06 Mar, 2019
News
JP Morgan tested their network with one account according to FAQ

Following the news that multinational investment bank JP Morgan would be launching their own digital currency in the form of JP Morgan Coin (JPM), they covered several popular questions on their frequently asked questions (FAQ) page. One question added was "How did you test JPM Coin?"

JPM Coin is set to cause quite a stir as the first official bank coin to become a cryptocurrency, if you could even call it a cryptocurrency. 

According to JP Morgan, "The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional accounts." 

Head of Digital Treasury Services Umar Farooq answered the questions regarding the new coin on the official announcement page. 

One of the questions which appears to have caught the attention of the public was the question "How did you test JPM Coin?"

The answer given by Farooq was "We successfully tested the movement of money between a client account and a J.P. Morgan account using the new technology." 

While the answer is a basic reply, and does not provide anything compelling. Reddit users had a lot to say about the question. Clearly no stress testing was needed? 

"We did very thorough testing of JPM Coin with one account. Just one." from r/CryptoCurrency

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The project has already received a lot of heat following JP Morgan CEO Jamie Dimon previously bashing the indsutry. Now having back tracked and decided to create their own digital asset. 

Several key crypto experts have weighed in on the JPM Coin calling it a massive failure that is trying to threaten the current ecosystem. 

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