JP Morgan’s Jamie Dimon has long been one of bitcoin’s fiercest critics. His bank just launched a cryptocurrency. | Source: REUTERS/Benoit Tessie
JP Morgan, the gargantuan investment bank led by Jamie Dimon, just became the first major US financial institution to launch its own cryptocurrency.
The news was first reported by CNBC, which said that the new crypto token – dubbed “JPM Coin” – will be used by the bank to instantly settle payments between clients. According to estimates, JP Morgan moves more than $6 trillion per day.
In addition to wholesale settlement, JP Morgan blockchain chief Umar Farooq said that the JPM Coin cryptocurrency could be used to create digital securities.
He also revealed that it could serve as a sort of “stablecoin” for clients holding US dollars in international jurisdictions. Per CNBC, each JPM Coin has a face value of $1.00 and may be swapped for physical greenbacks.
JAMIE DIMON’S LONG HISTORY OF BITCOIN BASHING
While it’s no secret that JP Morgan has devoted heavy research into blockchain development, CEO Jamie Dimon has often sought to make a distinction between blockchain technology and cryptocurrency – the latter of which he has often bashed.
He has take particular aim at public cryptocurrencies like bitcoin, which he at various times lambasted as a “fraud” suitable only for “stupid” investors.
This story is developing…Check back for updates.
Source Link www.ccn.com/newsflash-bitcoin
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