Mere weeks ago, JP Morgan Chase, one of the world’s largest financial institutions, shocked the crypto space. For those who missed the memo, the Wall Street mainstay unveiled plans to launch its own digital asset, based on the Ethereum-esque Quorum private ledger.
Due to its premise, JPM Coin, as the cryptocurrency has been dubbed, was deemed to be a competitor to the offerings that SWIFT and Ripple (and XRP by extension) continually tout. But, Binance has overtly claimed that this might not be the case.
But first, here’s a ditty about JP Morgan’s first notable crypto-centric product.
Meet JPM Coin
Per comments from Umar Farooq, the Wall Street bank’s blockchain division lead, the newfangled asset will be backed by physical U.S. dollars and will act much like stablecoins, but in a rather centralized manner.
Eventually, the asset could extend its tentacles to a number of ledgers (both private and public) with interoperability protocols allowing for JPM Coin to be utilized in an array of different ecosystems. Farooq remarked that his team intends the venture to eventually be a multi-purpose asset for the bank’s operations, whereas “anything, where you have a distributed ledger, [that] involves corporations and institutions” will use the digital asset.
<div class="jeg_ad
Discussion about this post