Jp Morgan Chase Bank, banks into the future as they roll out its own cryptocurrency company — Jpm coin which runs on “blockchain-based technology.”
JPM Coin by Morgan Chase Bank is an online coin designed to make instant payments using the blockchain technology.
Unlike expected, JPM Coin can be said as an online coin that represents United States Dollars (A JPM coin is equivalent to one U.S. dollar) and only held in some designated accounts at JPMorgan Chase at the moment. as a matter of fact, JPM Coin does not have a value other than being fast and privacy focused as it is the crypto version of U.S. dollar. It can be as fast as being instantly redeemed When one client sends money to another over the blockchain.
Below is a simple diagram of how JPM coin works (Click here to view separately)
Can I use JPM Coins as an individual consumer?
JPM Coin is currently a prototype that will be tested with a small number of J.P. Morgan’s institutional clients, with plans to expand the pilot program later this year. JPM Coin is currently designed for business-to-business money movement flows, and because we are still in a testing phase, we don’t have plans to make this available to individuals at this stage. That said, the cost-savings and efficiency benefits would extend to the end customers of our institutional clients.
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