JP Morgan Launch its Own Crypto Coin

J.P Morgan one of the major bank of U.S is launching it’s crypto coin soon. Umar Farooq, head of Blockchain Operation at J.P Morgan told in an interview with CNBC that JPM coin will come in the market in a few months.

Farooq added that the JPM coin has already 3 use cases. Engineers said that the digital token JPM will be used to instantly settle the payments of users for the business ecosystem.

The JPM coin is in testing face. Initially, a tiny fraction of payments is sent using the Cryptocurrency JPM. 

JPM coin is the first U.S bank backed cryptocurrency. JPMorgan shocks everyone in the financial sector in the past few months about adopting blockchain and cryptocurrencies. 

In 2017 the CEO of JPMorgan,  Jamie Dimon called Bitcoin a “fraud”. It’s very ironic that the bank is now launching its own cryptocurrency. 

JPMorgan owns the maximum number of patents for P2P interbank blockchain payment system. 

The JPM coin is a stable coin and backed by the bank. The price of the JPM coin is 1:1 to the U.S dollar. 

Farooq said that:
“Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back,”

“The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.”

Bitcoin and the cryptocurrency market is facing a major price drop but the good news is that adoption is increasing daily. Every day someone is accepting Bitcoin or other crypto coins. 

What do you think about the JPM Coin? Please let us know in the comments.

Things will Change Not Eventually But Definitely.