JPMorgan Cryptocurrency To Be Available To Users In Future
Jamie Dimon, CEO of the American financial holding JPMorgan, said that in future, the JPM Coin digital asset will be available to users for retail payments, CNBC reports.
According to Dimon, the bank may use the cryptocurrency for internal processes, for commercial operations, or make it a financial tool for users.
In February 2019, JPMorgan announced the release of its own cryptocurrency JPM Coin for securities transactions on blockchain, for international transfers and operations between customers in the wholesale payment business. Currently, the crypto is being tested in the company, and it is stated on the official website that there are no plans to provide access to individuals to JPM Coin.
The new digital asset has caused mixed reviews among representatives of the crypto community. Bill Barhydt, the general director of the Abra crypto project, said that JPM Coin resembles a distributed ledger system for transactions, not a cryptocurrency. Brad Garlinghouse, Ripple’s CEO, called the initiative meaningless because of the privacy of the blockchain system and the currency. However, according to Alexis Ohanian, a co-founder of Reddit, this step of the bank indicates the development of the field of cryptocurrency, in which more and more innovative projects are replacing speculation.
As previously reported, the JPM Сoin digital asset is a dollar-pegged stablecoin, which was developed by the bank specialists for corporate transactions.