- “JPM Coin” becomes the first digital asset to be backed a US bank.
- JP Morgan is positioning itself at the forefront of future cross-border payments
The cryptocurrency space is currently flooded with headlines detailing the decision for United States’ largest bank, JP Morgan to launch its own stablecoin. The cryptocurrency referred to as “JPM Coin” becomes the first digital asset to be backed a US bank.
According to CNBC, the bank records at least $6 trillion in transaction daily for corporations around the world. “JPM Coin” is currently in the trial phase and will be officially released on the market in the coming few months. The bank targets that a part of the $6 trillion daily volume will be transferable using the stable coin that has been developed by its engineers.
JP Morgan seems to be positioning itself at the forefront of future cross-border payments using the blockchain.
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” said Umar Farooq, head of J.P. Morgan’s blockchain projects. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”
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