JP Morgan is about to launch its own crypto money namely JPM Coin. It will be used for customer payments. The new system will be tested for a few months and active in “test mode”.
At the first stage, JPM Coin will be used for the mass payments, and it will be valid for some of the daily corporate transactions.
JP Morgan to launch its cryptocurrency – CNBC Television
JP Morgan will use the JPM Coin as a Digital Security
JP Morgan is innovatively focusing on increasing the speed and efficiency by the help of crypto money systems. As many services and platforms migrating to Blockchain infrastructure, there is an increasing need for faster payment solutions.
Every JPM Coin will be backed and supported by the US Dollar. So this will enable it to be operated as a sustainable crypto token. Naturally, this means that JPM Coin will be a stablecoin which will not have a fluctuating value.
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— Gregg Templeton (@GreggTempleton) February 17, 2019
Giant companies of the world are the customers of JP Morgan
80% of the Fortune 500 companies are the clients of JP Morgan. Therefore, the bank aims to benefit from the enormous market share on the corporate payments.
Although the competitor banks may launch their own crypto money, JP Morgan has got a competitive advantage for technological adoption.
Jamie Dimon who is the CEO of JP Morgan has accused Bitcoin as being a scam. But the bank has emphasised the critical differences between Bitcoin and their corporate crypto money. Only large corporate customers, banks and broker agents will be able to use JP Morgan tokens.