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JPMorgan to launch digital coins using blockchain for payments
- Thursday | 14th February, 2019
(Reuters) – JPMorgan Chase & Co said on Thursday it plans to launch its own digital coins, called “JPM Coin”, that customers will be able to use for instant transfer of payments over a blockchain network. JPMorgan said its new coin, which will be issued on its in-house blockchain technology Quorum, was currently a prototype. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time, the bank said. JPMorgan also said it believed in the potential of blockchain technology, and expects its new digital coin to yield significant benefits for blockchain use by reducing clients’ counterparty and settlement risk, decreasing capital requirements and enabling instant value transfer. The coin can be redeemed for a U.S. dollar, so its value will largely remain stable, the bank said.
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