JP Morgan Chase is going to finally launch JPM Coin. The cryptocurrency announced in February is expected to appear in the trial version this year.
The latest plans
According to recent reports, the well-known American bank is interested in working with clients from the United States, Europe and Japan to test the new cryptocurrency. Its introduction is to improve international transactions and increase
JP Morgan Chase's revenues.
We believe, that in the near future - in 5 to 20 years - the majority of securities will become digital or tokenized. Technology is a great thing, but it needs time for appropriate legal regulations and for explaining it to the public.
Says Umar Farooq, Head of Blockchain and Digital Services and in the bank.
These plans have been known since February
Plans to launch
JPM Coin have been known since February. It's supposed to be a stablecoin to avoid excessive fluctuations. In the beginning, its use was limited to the internal needs of the bank, so it cannot be used in external transactions.
The New York banking giant also invests in the
blockchain technology. A private decentralized network called the
Quorum has been developed for this purpose. These blockchains are based on
Ethereum.
According to Farooq, the bank needs unambiguous legal permits to start pilot transactions using JPM Coin. A collaboration with
Microsoft was also established, to solve any technological difficulties possible that clients are struggling with.
