JP Morgan Becomes a Crypto Believer

JP Morgan Becomes a Crypto Believer

“This time it’s for sure”, at least it is what CNBC is saying as a report explains that JP Morgan – once a cryptocurrency denier – is working on the first ever US Bank backed cryptocurrency, according to a note from CBNB.

It is huge, one of the most important banks in the world is moving to cryptocurrency for sure as CNBC is reporting that JP Morgan is preparing a digital token, the JPM Coin. They will implement settlements of transactions between wholesale payments business.

As clarification, JPM Morgan will not implement the program as a full system for the new cryptocurrency, but it will develop trials with small projects in the bank infrastructure.

It is a game changer in the JP Morgan organisation as CEO Jamie Dimon said before that Bitcoin was a fraud.

But according to CNBC news, Umar Farooq, head of J.P. Morgan’s blockchain projects said that Blockchain is influencing everything that is happening now in the world. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this,” he said.

JPM Morgan’s Farooq is a cryptocurrency believer as he also says that anything that is currently happening in the world will be forced to move onto blockchain.

JPM Coin will work on international settlements by institutional clients. The JP Morgan idea will take large transactions for big players, but it will also provide the JPM Coin that will be used as a token for faster transactions.

The new digital currency will cover the first digital asset for an international payment system for large corporate users, but also for securities transactions such as debt, large amounts of money that need to be moved, and as border transactions.

Other uses for JPM Coin will be for huge corporations that already use the JP Morgan treasury services business to replace the dollar based on accounts.

Farooq also said that after the initial implementations, therein will be used for payments on internet connected devices, including phones but also Internet of Things machines. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

AvaTrade,Bitcoin,Investment,Market Decrease

AvaTrade Describe Bitcoin as “Safe Haven” From Market Turmoil

After a disastrous week for investment following the huge sell-offs in crucial international markets due to growing coronavirus concern, many are concerned about trading in this current climate. However, Avatrade is arguing the contrary and see the current situation as an opportunity for investors. They had already shared this belief earlier this week when they […]

28 February, 2020
KuCoin,Margin Trading,Promotion

KuCoin Launch 3 Ultra-Low Interest On Leverage Activities

Any traders looking to get involved in some crypto margin trading should make sure they are at KuCoin from today onwards. This is owed to the platform’s launch of 3 Ultra-Low Interest for Leverage Activities on their margin trading service – which was rolled out at the end of 2019. The activities will begin today, […]

27 February, 2020
DeversiFi,Metal Trading,Stablecoin,Tether

DeversiFi Have Listed Tether Gold (XAU₮) In World First Listing

DeversiFi have listed Tether Gold (XAU₮) making them the first non-custodial exchange platform to do so. The formality of the listing occurred two days ago and so this means that any traders hoping to buy, sell or store Tether Gold (XAU₮) can head over to DeversiFi immediately and do so by making use of a […]

27 February, 2020
Investment,IQ Option,Trading

Avoid Trading Mistakes with IQ Option

The world of trading is one that is predominantly about trial and error and in their latest blog post, the trading platform, IQ Option have explained how to avoid the latter. IQ Option are a firm that are continuously helping traders learn to trade more efficiently. Whether that is by informing them about good trading […]

26 February, 2020
AvaTrade,Investment,Market Decrease,Trading

Market Sell-Off Was “Overreaction” Says Avatrade

Yesterday, the US market saw its worse sell-off in two years due to fears that emerged about the Coronavirus spreading. However, Avatrade have stated that traders should not be too concerned about these numbers. Although Avatrade has been somewhat pessimistic about the role of the Coronavirus and what it might do the global economy in […]

25 February, 2020
Binance Research,EOS,Investment

Binance Research Asks, “Is EOS Too Centralised?”

In the latest piece of research from the exchange platform, Binance they have asked whether the highly ranked EOS crypto project is too centralised. Specifically, this question was conceived and analysed by Binance Research who are well-known for their various reports that give an insight into different market trends and what they mean for the […]

24 February, 2020
Coinbase,Coinbase PRo,Listings,Updates

KNC Now live on Coinbase Pro

It has been announced by Coinbase that the Kyber Network (KNC) will go live on the platform as of this week. During the last quarter of 2019, news from the Coinbase camp came at an uncharacteristically slow pace. There were very few updates to the platform and hardly any new listings for traders to embrace […]

23 February, 2020
Investment,IQ Option,Technical,Trading

IQ Option Explain Why You Need a Trading Journal

Keeping track of your trading is a necessity. However, is a trading journal the best way to go about it? Well, according to the CFD trading platform, IQ Option, for most people it is. In fact, the platform describes trading journals as a “must” for a “successful goal-oriented trader”. Indeed, it is clear to see […]

22 February, 2020