JPM Coin, the first of its kind from a major bank, will initially be used to transfer funds over a blockchain network internally and between internationally between institutional clients.
Source: www.computerworld.com
JP Morgan Chase & Co. plans to launch its own digital currency ‘JPM Coins’, becoming the first US bank to create a crypto-currency to help settle payments between clients in its wholesale payments business. Using the platform JP Morgan customers will be issued the cryptocurrency on depositing money with the bank and will be able to use for instant transfer of payments over a blockchain network. Customers would then be able to redeem the coins for USD.
