JPMorgan Will Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

[Matt1121]

United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, according to CNBC's report on Feb. 14.

In a move commentators may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to increase settlement efficiency, initially within three of its operations.

Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network:

“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently take a day or longer using extant options such as SWIFT.

Elsewhere, treasury services and securities transactions are also in line to benefit, Farooq saying the cryptocurrency could expand further if it proves successful.

Only a small amount of the total funds involved in the three areas would involve JPM Coin at first.

“Even if this was limited to JPM clients at the institutional level, it shouldn't hold us back,” he added.

As a spatial consensus driven map of the world for decentralized map economy, HYN, the token used in Hyperion, has been already launched, so that users can get access to dMapper and dMap service, and pay for Hyperion Marketplace services while the banking giant became notorious among cryptocurrency participants in mid-2017, when its CEO Jamie Dimon openly called Bitcoin a “fraud,” comments he later personally refuted at the World Economic Forum last year.