2/14/2019, 12:31 PM (Source: TeleTrader)
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JPMorgan to begin trials with its own crypto – report

JPMorgan Chase & Co. will start the trials for so-called JPM Coin, a cryptocurrency created by the financial giant's engineers which will speed up the transactions between clients in its wholesale payments business, CNBC reported on Thursday. The blockchain's test trial will encompass a small sliver of JPMorgan's $6 trillion dollar volume of payments.

The cryptocurrency experiment is explained by the need for the increase in money transfer speed. Umar Farooq, head of JPMorgan's blockchain projects stated that international payments for large clients, which now usually occur through wire transfers, which sometimes settle in more than a one-day period, could be settled in real time and at any time of day. If the international payments are tested successfully, JPM Coin would become one of the first real-world applications for digital tokens in banking.

JPMorgan Chase CEO Jamie Dimon used to be a strong critic blockchain and the firm's analysts said in January that cryptocurrencies' only real use will be in a "post-capitalist dystopia."

Breaking the News / MA