Few Time Back in 2017 , JP Morgan Chief Executive Jamie Dimon said “Bitcoin is a fraud and any employee found trading it would be fired for being stupid”.
After Two year JP Morgan Launched its own cryptocurrency and DImon this time said “ I had recognized the blockchain potential in the future of global financial system”
JP Morgan had released a blockchain platform Quorom that will be used by companies to keep track record of financial data.
By Announcing its own coin JP Morgan had made digital currencies more reliable against its risky nature for corporate clients.
Umar Farooq, Head of JP Morgan Blockchain said “Customer engaged us by saying they need a platform to move their money onto the blockchain”.
JP Morgan coin will be the first coin which is backed up a bank this will surely change the future of financial system as it removes the middlemen and regularity affairs.
The JPM Coin will not be volatile like other cryptocurrency it will be controlled by JP Morgan, each coin will be backed by a dollar in JP Morgan Account giving it a stable value.
It seems that JP Morgan is following the path of several small players that have introduced similar digital coins tied with dollar, Europeans banks are also in a stage of finalizing such coins and several exchanges already have them.
JPM Coin will be functional in companies own system and will not be possible to move out on any other platform, currently its been tested and its not yet available to clients.
JP Morgan took this step to speed up the financial transactions, when people have to move huge sum of money via money transfer it takes hours or even days and international transfer takes a long gap.
Introducing Blockchain will speed up transfer process without adding extra cost, this offering is mainly beneficial for big clients.
JP Morgan plans to takes permission for broader use of JPM Coin and it cold be expanded to represent currencies beyond dollar