JPMorgan Wants to Launch ‘JPM Coin,’ Using Cryptocurrency to Speed Settlements

US bank gig JPMorgan Chase (JPM) launches its cryptocurrency in the leading US bank, CNBC announced on February 14th.

In a move that commentators might find unbelievable, the multinational lender will use its new property, called "JPM Coin," to increase settlement efficiency, initially in its three operations.

Addressing the CNBC, Umar Farooq, who runs JPM, was very active in terms of blockchain technology options at the bank.

"So everything that is currently in the world, as it passes in the blockchain, will be the payment leg of this transaction," he said to the network:

"Applications are endlessly open-all that includes a large distributed book that includes companies or institutions can be used."

The JPM Coin will initially focus on the international alignment of large companies, which will speed up transactions that are currently taking days or more using existing options such as SWIFT.

Farooq added that a cryptocurrency could continue to expand if it succeeds.

JPM Coin represents only a small part of the total assets involved in three areas.

"Even if they are limited to JPM clients at the institutional level, this should not keep us," he added.

Banking giant became known among cryptocurrency participants in mid-2017, when CEO Jamie Dimon openly described Bitcoin as a "fraud" personally dropped Cointelegraph at the Economic Forum. Last year.


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