The time has finally come where JPMorgan Chase has made the decision to get into cryptocurrency as they have decided to launch their own digital cryptocurrency. JPMorgan Chase has become one of the few major banks to think about getting into the cryptocurrency ring. This is surprising as CEO Jamie Dimon had no interest in the coin saying, he doesn’t “really give a shit” about bitcoin.
Although Dimon’s critical view on bitcoin have not stopped the company from deciding to take a step into the cryptocurrency by creating a coin called JPM Coin. Through the creation of JPM, it will allow corporate clients and bankers to make digital payments to each other for corporate business payments.
JPMorgan Chase wants cryptocurrency to take the place of wire transfers that have had time issues in the past. They are trying to put in a system in place where large companies such as Google and Facebook can transfer money for employee wages by moving around the JPM Coin.
This step is not the first for JPMorgan Chase regarding blockchain and cryptocurrency since they have already created a blockchain platform around Ethereum last for customer and stated that the token are supported by gold bars and diamond on the platform.
The US Dollar will have close ties to the JPM Coin in a way to make the coin much more stable than other cryptocurrencies that have known to fluctuate in price quite frequently. If you were to sell a JPM coin, sellers will be given back one dollar in order to show that the money is still real.
JPMorgan has not yet rolled out the coin in large quantities as they are still testing the technology. The date of launch is still unknown as it is not yet introduced to the public.