Crypto News 

JPMorgan is launching the first US bank-backed digital token

“The JPM Coin differs from other conventional cryptocurrencies in two key ways: The banking giant’s digital currency could also be used for other applications on top of payments settlement: JPM Coin could be used for securities transactions” writes Eleni Digalaki for businessinsider.com. In the future, institutional investors could use the digital coins for instant settlement of similar securities transactions that run on JPMorgan’s Quorum.Last year, the bank used its blockchain platform, Quorum, to test a debt issuance application, mirroring the execution of an actual transaction for the National Bank of…

Read More
Crypto News 

Ordinary Stablecoin or XRP Killer? What We Know About JPMorgan Chase’s New Cryptocurrency

“On Feb. 14, United States banking behemoth JPMorgan Chase announced its own cryptocurrency” writes Stephen O’neal for cointelegraph.com. Clients will reportedly be issued the coins after depositing dollars at JPMorgan Chase.It is fair to say that move comes unexpectedly for JPMorgan Chase, whose CEO, Jamie Dimon, is famous within the crypto community for his anti-Bitcoin (BTC) remarks. Source: cointelegraph.com

Read More
Crypto Markets News 

CME Group CEO Terry Duffy: Government Involvement Key to Crypto’s Success

“Terry Duffy, CEO of leading derivative market CME Group, has said that until governments start to accept cryptocurrencies, it is very difficult for major commercial banks to get involved in the market” writes Adrian Zmudzinski for cointelegraph.com. Duffy outlined a change in JPMorgan Chase’s attitude towards crypto when answering inquiries about institutional demand for Bitcoin.He concluded: “The key to the success of any currency, whether it’s fiat or crypto, is going to be associated with the government.A report released today by digital asset management fund Grayscale Investments reveals that capital…

Read More
Crypto News 

JPMorgan Issues a Cryptocurrency—Here’s Everything You Need to Know

“JPMorgan Chase CEO Jamie Dimon is widely known as a critic of Bitcoin” writes Sissi Cao for observer.com. On Thursday, JPMorgan said it would introduce a blockchain-based token called “JPM Coin,” which would allow clients to make “instantaneous” money transfers and significantly lower the cost and risk of transactions thanks to the token’s underlying tamper-proof blockchain system.The bank said it was still in its prototype phase and would only be available to a small number of institutional clients at first. Source: observer.com

Read More
Crypto News 

Is JPMorgan Chase’s New Cryptocurrency a Threat to Ripple, Other Crypto Assets?

“Mega-bank JPMorgan Chase (NYSE:JPM) recently announced that it will launch its own cryptocurrency, becoming the first U.S. bank to do so” writes Matthew Frankel for fool.com. However, there are some big differences between bitcoin, the more than 2,000 other existing cryptocurrencies (that’s not a typo), and the new cryptocurrency JPMorgan Chase is planning to create.The new cryptocurrency will be called JPM Coin, and the purpose will be to speed up transaction settlement times.Also, JPM Coin will be a so-called “stable coin,” with its value pegged to the U.S. dollar. Source: fool.com

Read More
Crypto News 

JPM Coin is not a cryptocurrency, says crypto advocacy group

“On Thursday, the crypto community notched a win when JPMorgan Chase & Co. announced it had launched its own cryptocurrency, the JPM Coin” writes Aaron Hankin for marketwatch.com. A cryptocurrency is one that is open and permissionless, if you want to download it, you don’t need permission; you just need some software.” And the JPM Coin is anything but permissionless or available for download.According to Jerry Brito, executive director at Coin Center, a nonprofit research and advocacy center focused on cryptocurrency and decentralized technology, the U.S. banking behemoth did not…

Read More
Crypto News 

JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

“United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14” writes William Suberg for cointelegraph.com. Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank. “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network: JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently…

Read More
Crypto News 

JPMorgan is launching its own cryptocurrency

“JPMorgan Chase imagines cryptocurrency transactions could replace wire transfers that generally take several days to complete” writes Feb Est for theverge.com. The CEO’s harsh views of bitcoin haven’t stopped his company from going ahead and creating a new digital token called the JPM Coin.JPMorgan Chase has thrown its hat into the cryptocurrency ring, proposing to launch its own digital coin, as spotted by CNBC. It’s one of the few banks to consider launching cryptocurrency, and the initiative may be surprising given that CEO Jamie Dimon has said he doesn’t “really…

Read More
Crypto News 

JPMorgan just launched its own cryptocurrency: What you need to know

“U.S. banking giant JPMorgan Chase & Co. on Thursday announced the launch its own digital currency, dubbed the JPM Coin, to service institutional clients in the settlement of funds” writes Aaron Hankin for marketwatch.com. That said, the cost-savings and efficiency benefits would extend to the end customers of our institutional clients,” the bank said in a news release.JPMorgan said as the coin gets closer to production, dialogue with regulators will begin. “JPM Coin is currently a prototype.According to the bank, the coin is still in the prototype phase but will…

Read More
Crypto News 

DealBook Briefing: JPMorgan Has Its Own Cryptocurrency

“JPMorgan Chase this morning announced the first cryptocurrency to be rolled out by a major U.S. bank” reports nytimes.com. That way, they can consolidate their money and probably get better rates for it.” It also gives JPMorgan first-mover advantage. It also sets the bank up for a future in which crypto could be an integral part of the financial sector.This will be one of the world’s first real-world crypto applications for banking, and the biggest move into the sector yet by an American lender. Source: nytimes.com

Read More