On Thursday, JP Morgan Chase and Co released an official statement announcing the plans of launching its very own digital currency called “JPM Coin” allowing its customers to transfer payments almost instantly over a sophisticated blockchain network.
According to what JP Morgan Chase has said so far, at the time when customers are depositing money, they will be issued the JPM Coin which they will then be able to utilize for any sort of transactions with any of the other JP Morgan clients over the network.
Unlike many of the other digital currencies that are operating in the crypto industry at the moment, the overall value of JPM Coin will remain stable primarily because it can be easily redeemed for a U.S. dollar.
These JPM Coins are transferred and also immediately redeemed whenever a client sends money to some other client over the blockchain network for the exact sum of U.S. dollars that are being sent, hence shortening the usual settlement time to a great extent.
The announcement of a cryptocurrency by JP Morgan comes as a shock to many of the individuals that are profoundly involved in the crypto industry chiefly because way back in the year 2017, Jamie Dimon, CEO of JP Morgan heavily criticized Bitcoin by calling it a fraud. He even likened it to a market bubble of tulip bulbs formed in the 1600s.
Even though Dimon apologized sometime later for publicly calling Bitcoin a scam, he still expressed his opinion that he doesn’t have any sort of interest in Bitcoin or any other cryptocurrency for that matter.
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