Cryptocurrency & Blockchain Arms Race Triggered By JPMorgan

[Goodcat49]

The newly created cryptocurrency “JPM Coin” by JPMorgan (JPM) is gaining momentum in the blockchain arms race amongst the giant United States (U.S.) Federal Reserve (Fed), at a higher rate. It’s the first bank to develop its own digital coin. The coin is pegged to the U.S. dollar.

Recently, JPMorgan announced that it had created JPM Coin, a digital currency that allows users to transfer funds promptly, and also push its weighty global transactions as part of its major wholesale payments commerce.   

JPM reveals it could increase its usage of DLT if the prompt payments through its coin turn out to be more valuable.   

“Ultimately, we believe that JPM Coin can yield significant benefits for blockchain applications by reducing clients’ counterparty and settlement risk, decreasing capital requirements and enabling instant value transfer,” the company says.   
Every Stakeholder has a Different Approach to Blockchain   
JPM is not the only financial institution to internally pilot and test blockchain technology, other bulls such as Goldman Sachs, Citigroup, Bank of New York Mellon and Northern Trust have tested blockchain in varying case uses and are also working on cryptocurrency-based custody services. Citigroup has even experimented blockchain in its Treasury & Trade Solutions commerce.   

The ex-head of JPM blockchain strategy Franklin Bi said that individual financial institutions are yearning to have full ownership of the upcoming immense technology which can effectively ‘overwrite’ the present payments facility.   

“Having an alternative gives you a seat at the table,” revealed Franklin. “I think that is one of the motivating factors behind all of the multifaceted activity that’s happening in this space where it seems like every stakeholder from every angle has their own approach.”   

Apart from JPMorgan, other banks have been quiet on their research as watchdogs and regulators develop an effective regulatory framework to guarantee the safety of this nascent technology. U.S. regulators and other authorities have been highly interested in solving the issue of vulnerable cybersecurity of companies and information privacy and will be addressed while using distributed ledgers.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptocurrency-blockchain-arms/

[giovinco21]

If JP Morgan has created it's own cryptocurrency it's just matter of time for other huge holdings and investment banks to get on the train. U.S. regulators and other authorities will have to adapt to new circumstances and facts like cryptocurrency=future (and money of course, they always gonna look for money).