JP Morgan has stepped forward with a move of launching its own cryptocurrency and has become one of the first banks to consider launch of a cryptocurrency. This move comes as a huge surprise as JP Morgan has criticized cryptocurrencies from time to time. The CEO of JP Morgan was not very happy with the idea of adopting cryptocurrencies, but despite this fact the bank has introduced the new digital coin called JPM Coin. It is supposed to give its customers an access to use cryptocurrencies as part of the company's substantial corporate payments business.
JP Morgab Chase envisions that the transactions using virtual currencies could replace wire transfers and would take many days to complete. It also says that conglomerates like Facebook could move money around for paying its employees by shifting around JPM Coin.
JP Morgan has tried other investments in cryptocurrencies and blockchain. JPMorgan had also already built an Ethereum-based blockchain platform last year for business customers and it proposed using cryptocurrencies backed by diamonds and gold bars on the platform. JPM Coin is going to be tied to the US dollar as a way of making it financially stable than other cryptocurrencies as its price has surged and plunged over the years. It is believed that the coin will first be appearing in small quantities in a few months as JP Morgan is still testing the technology. Thus, the tentative date of its release still remains uncertain.