JPMorgan Chase will start testing its cryptocurrency by the end of 2019
JPMorgan Chase, one of the largest US financial holdings, will conduct closed testing of JPM Coin in conjunction with corporate clients.
Umar Farouk, head of the bank’s digital treasury and blockchain department, said that tests of the digital currency should begin before the end of the year. JPMorgan expects stablecoin to help accelerate corporate payments, securities and bonds.
Tests will start only after receiving regulatory approval.
JPMorgan Chase first announced the launch of a private cryptocurrency back in February 2019. Representatives of the holding said that JPM Coin will be pegged to the US dollar and backed by funds deposited with the bank in exchange for a token that can be transferred through the blockchain and exchanged for cash. In the future, it is planned emission of coins pegged to other fiat currencies.
According to Umar Farouk, clients from Europe, the USA and Japan have already become interested in the project, but he did not name any specific company. He also said that the bank is studying the prospects for working with tokenized and digital securities..
JP Morgan to launch its own cryptocurrency
We previously reported that according to consulting company deVere Group, 68% of millionaires have already invested in cryptocurrency or plan to do so in the next three years.
text: Ivan Malichenko, photo: ldaily