- JPM coin is going to be set for customer trialling, as the bank looks ready for breaking into the cryptocurrency market.
- The token will act as a stablecoin function, with fiat cash being deposited at the bank in exchange for the JPM Coin.
Large U.S investment bank JPMorgan Chase are set to commence trials of its “JPM Coin” cryptocurrency in conjunction with corporate clients.
A report was released by Bloomberg Japan, detailing that the investment bank’s head of digital treasury services and blockchain, Umar Farooq, cited saying, customers are going to trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions.
The JPM Coin is set to function as a stablecoin, with fiat cash being deposited at the bank in exchange for the token, which can then be transferred via a permissioned distributed ledger. The recipient will then be able to redeem later the token for cash via JPMorgan.
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