JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business as JPM coin. This coin won’t be regulated to retail customers instead it will be used internally to enable instant transfer of payments between institutional accounts.
When a individual deposits cash into an account , the money is converted into an equivalent number of JPM coins.
A new beginning in banking industry?
This is the beginning: beginning of a new tech era, beginning of blockchain technology, beginning of a revolution and a new beginning in banking sector, that will shook many companies soon, who lacks to improvise, adapt and overcome.
The CEO who criticized “Bitcoin” in 2017 describing it as fraud and irreliable investment, now join hands with this technology. Jamie Dimon, ”
We have believe in the potential of blockchain technology and we are supportive of cryptocurrencies as long as they are properly controlled and regulated”.
The bank is now in search of opportunity that blockchain technology carries to outstand in market and facilitate it’s customers with instant and transparent transactions.