Ordinary Stablecoin or XRP Killer? What We Know About JPMorgan Chase’s New Cryptocurrency

The 46-year-old Belgium-based interbank messaging service has already been confronted by Ripple (XRP), whose CEO, Brad Garlinghouse, had …

On Feb. 14, United Statesbanking behemoth JPMorgan Chase announced its own cryptocurrency. Significantly, it is the first time a major U.S. bank has tapped into digital assets for direct use in business operations.

It is fair to say that move comes unexpectedly for JPMorgan Chase, whose CEO, Jamie Dimon, is famous within the crypto community for his anti-Bitcoin (BTC) remarks. Here are the main outtakes from reports and comments about the new virtual currency, dubbed “JPM Coin.”

JPM Coin aims to increase settlement efficiency, initially within three of its operations

There are three early applications for the JPM Coin, as Umar Farooq, head of the lender’s blockchain projects, told CNBC.

The first one is cross-border payments for large corporate clients, which currently rely on wire transfers provided by networks like SWIFT, meaning that they might take up to several working days to settle. According to Farooq, payments using JPM Coin will be instantly performed at any time of day.

As a result, SWIFT, which currently handles more than half of all high-value, cross-border payments, might be additionally challenged to update its remittance system. The 46-year-old Belgium-based interbank messaging service has already been confronted by Ripple (XRP), whose CEO, Brad Garlinghouse, had recently declared that “what we are doing on a day-to-day basis is in fact taking over SWIFT.” Ripple has reported various advancements on the field of international payments, allegedly saving transaction costs by 40-70 percent with its xRapid platform and adding several major banking institutions to its RippleNet network.

SWIFT, in turn, has already started researching blockchain as one of the options to achieve quicker payments. Additionally, it has been boosting its Global Payments Innovation (GPI) payments platform — just recently, the banking network launched a proof-of-concept (PoC) of a gateway that would allow blockchain software firm R3 to connect to the GPI.

Secondly, JPM Coin will reportedly be used for securities transactions. In April, the bank tested its Quorum Blockchain platform, along with with the National Bank of Canada and other lending sector participants. The intent was to streamline origination, settlement and interest rate payments, among other financial processes.

Specifically, as Reuters wrote, the trial “mirrored the Canadian bank’s $150 million offering on the same day of a one-year floating-rate Yankee certificate of deposit.” Thus, institutional investors can use the JPM Coin for instant settlements, as opposed to waiting for a wire transfer to come through.

JPMorgan Chase created Quorum in 2016 as part of the Ethereum Enterprise Alliance (EEA), of which it is one of the founding partners. The platforms runs on the Ethereum (ETH) blockchain and is modeled after the Ethereum Go client. It is currently used by pharmaceutical companies Pfizer and Genentech as well as Microsoft Azure, among others. In March, JPMorgan Chase declared that they were considering making Quorum an independent entity as way to attract more partners that could be scared off if they are competitors of the bank.

Finally, the new cryptocurrency might be employed by large corporations including Honeywell International and Facebook, which will reportedly use JPMorgan Chase’s treasury services business to replace the funds they hold in various subsidiaries across the world. According to CNBC, that businesses brought the lender $9 billion in revenue in 2018. Farooq explained in a comment:

“Money sloshes back and forth all over the world in a large enterprise. Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it.”

The trials for the token are set to start “in a few months.” However, only a small amount of the total funds involved in the three aforementioned areas would involve JPM Coin at first. In total, JPMorgan Chase moves more than $6 trillion across the world on a daily basis, according to CNBC. It is the largest bank in the country. As Farooq told:

“Pretty much every big corporation is our client, and most of the major banks in the world are too. Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”

He also added that, in the future, the lender’s token could be used for payments on internet-connected devices if they are migrates to blockchain. Overall, the JPM representative seemed enthusiastic about the technology’s perspectives at the bank.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction.The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

JPM Coin resembles a stablecoin — which falls in line with a general trend

According to the CNBC report, JPM Coins are pegged to U.S. dollars so that its value stays stable — technically, that makes the new token a stablecoin, at least in its initial form.

Clients will reportedly be issued the coins after depositing dollars at JPMorgan Chase. After the tokens are used for a payment or security purchase on the blockchain, the lender will allegedly destroy them and give clients an equivalent amount of fiat in return.

Overall, stablecoins had a great year in 2018, becoming a growing trend among the market’s most compliance-oriented players. For instance, Goldman Sachs-backed startup Circlelaunched its USD Coin (USDC) in collaboration with major U.S. crypto exchange Coinbase, and the Winklevoss twinspresented their own stablecoin dubbed the Gemini dollar after receiving the regulatory green light from the New York Department of Financial Services (NYDFS).

JPM Coin will run on Quorum, the bank’s private ETH blockchain

According to an FAQ released by JPM on the same day CNBC broke the news, its token will initially be powered by the aforementioned Quorum blockchain (which is permissioned, or, in other words, private), but will also become applicable to “all standard blockchain networks” in the future.

“The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks,” the guide says.

Based on that, Jerry Brito, executive director at Coin Center, a nonprofit research and advocacy center focused on cryptocurrencies and blockchain, told MarketWatch that JPM merely launched an in-house payments system rather than an actual cryptocurrency:

“There’s a lot of confusion. […] I see folks referring to it as a cryptocurrency. It’s not a cryptocurrency. A cryptocurrency is one that is open and permissionless. If you want to download it, you don’t need permission, you just need some software.”

Further, JPM Coin will eventually expand its role beyond being a stablecoin, as per the FAQ:

“Over time, JPM Coin will be extended to other major currencies. The product and technology capabilities are currency agnostic.”

As for now, the token is designed to be used by JPM’s institutional clients only.

The bank’s CEO, Jamie Dimon, might be anti-Bitcoin, but he is also pro-blockchain

JPMorgan Chase became notorious among cryptocurrency participants in 2017, when its CEO, Jamie Dimon, openly called Bitcoin a “fraud.” In 2018, Dimon reterierted his position by saying that he doesn’t “really give a s—” about Bitcoin.

However, at the 2019 World Economic Forum in Davos, when the JPMorgan Chase CEO was asked if he took any satisfaction when the cryptocurrency plunged last year, he replied negatively and followed with positive comments about the technology that backs it.

Specifically, Dimon noted that he is pro-blockchain, despite the excessive hype around the technology. In his view, blockchain is a better replacement for certain online databases:

“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”

Indeed, the banking giant has been researching blockchain since 2016, when Quorum’s white paper was first published.

The announcement has received mixed reaction from the community

Changpeng Zhao, the CEO of Binance, greeted the first U.S. banking cryptocurrency, referencing Mahatma Ghandi’s “first they ignore you, then they laugh at you, then they fight you, then you win” alleged quote:

First they …, then they …, then they…, then you win!

Welcome to the real world, JPM! https://t.co/RH7LwWPCSi

— CZ Binance (@cz_binance) February 14, 2019

Cointelegraph has reached out to Ripple for an additional comment on the matter. In response, the Ripple team sent the link to the tweet of their CEO Brad Garlinghouse, who, in turn, criticized the concept of bank-issued digital coins (which he calls “bank coins”) and JPM Coin specifically, citing its centralized structure:

As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer https://t.co/39EAiSJwAzhttps://t.co/e7t7iz7h21

— Brad Garlinghouse (@bgarlinghouse) February 14, 2019

Notably, two years ago, Garlinghouse wrote an article in which he argued that such projects — where bank remittances are performed using unique digital tokens — are misguided and would inevitably result in “an even more fragmented currency landscape than what we have today”:

“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”

However, some community members seem more confident about JPM Coin, suggesting that the new token is capable of achieving widespread use, and hence might overtake Ripple in the future. Multicoin Capital partner Tushar Jain wrote:

Banks were obviously never going to use XRP for settlements and enrich Ripple Inc (who owns more than half of all XRP). They would rather enrich themselves instead!

Kudos to JPM for being first. They are going to wipe the floor with Ripple. https://t.co/Jkfkvr7BnE

— Tushar Jain (@TusharJain_) February 14, 2019

Bloomberg business editor Joe Weisenthal expressed a somewhat similar viewpoint:

If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple

— Joe Weisenthal (@TheStalwart) February 14, 2019

While it might be too early to tell whether JPM Coin will be transferred to public blockchains and gain wider recognition among crypto market participants, some seem perplexed by its current capabilities. Thus, Nathaniel Popper, author of the book “Digital Gold, a History of Bitcoin,” tweeted:

The JPM Coin makes it possible to move dollars between JPMorgan bank accounts instantly. That raises the question: Why was it not already possible to move dollars between two JPMorgan bank accounts instantly?

— Nathaniel Popper (@nathanielpopper) February 14, 2019

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Fulton Bank Has Decreased Its Stake in Tjx Cos New (TJX) as Stock Value Declined; Jp Morgan …

Some Historical JPM News: 22/03/2018 – TRIPADVISOR INC TRIP. … TARGET PRICE TO $170 FROM $167; 26/04/2018 – IROBOT CORP IRBT. … Fulton Bank decreased its stake in Tjx Cos Inc New (TJX) by 23.88% based on its …

JPMorgan Chase & Co. (NYSE:JPM) Logo

Bremer Trust National Association increased its stake in Jp Morgan Chase & Co (JPM) by 12.52% based on its latest 2018Q3 regulatory filing with the SEC. Bremer Trust National Association bought 7,622 shares as the company’s stock declined 10.86% with the market. The institutional investor held 68,501 shares of the major banks company at the end of 2018Q3, valued at $7.73 million, up from 60,879 at the end of the previous reported quarter. Bremer Trust National Association who had been investing in Jp Morgan Chase & Co for a number of months, seems to be bullish on the $350.95 billion market cap company. The stock increased 3.06% or $3.13 during the last trading session, reaching $105.55. About 14.72 million shares traded. JPMorgan Chase & Co. (NYSE:JPM) has declined 3.12% since February 16, 2018 and is downtrending. It has underperformed by 3.12% the S&P500. Some Historical JPM News: 22/03/2018 – TRIPADVISOR INC TRIP.O : JP MORGAN RAISES TARGET PRICE TO $40 FROM $38; 31/05/2018 – NATIONAL GRID PLC NG.L : JP MORGAN RAISES TARGET PRICE TO 950P FROM 870P; 16/05/2018 – NEW: The Berkshire Hathaway/Amazon/JPMorgan Chase health care joint venture is struggling to find a CEO; 13/03/2018 – PLAINS GP HOLDINGS LP PAGP.N : JP MORGAN RAISES TARGET PRICE TO $28 FROM $27; 16/05/2018 – Intelsat Presenting at JPMorgan Conference Tomorrow; 02/04/2018 – JPMorgan’s top blockchain executive Amber Baldet to leave for own startup; 10/04/2018 – NEXTERA ENERGY INC NEE.N : JP MORGAN RAISES TARGET PRICE TO $170 FROM $167; 26/04/2018 – IROBOT CORP IRBT.O : JP MORGAN RAISES TARGET PRICE TO $62 FROM $61; 20/04/2018 – National Bank of Canada, J.P. Morgan Test Blockchain Technology With NBC Debt Issuance in the US Fincl Markets; 21/03/2018 – RWE AG RWEG.DE : JP MORGAN RAISES TARGET PRICE TO 21 EUROS FROM 18.5 EUROS

Fulton Bank decreased its stake in Tjx Cos Inc New (TJX) by 23.88% based on its latest 2018Q3 regulatory filing with the SEC. Fulton Bank sold 14,638 shares as the company’s stock declined 16.60% with the market. The institutional investor held 46,653 shares of the consumer services company at the end of 2018Q3, valued at $5.23 million, down from 61,291 at the end of the previous reported quarter. Fulton Bank who had been investing in Tjx Cos Inc New for a number of months, seems to be less bullish one the $61.94B market cap company. The stock increased 1.47% or $0.73 during the last trading session, reaching $50.23. About 5.95M shares traded. The TJX Companies, Inc. (NYSE:TJX) has risen 25.16% since February 16, 2018 and is uptrending. It has outperformed by 25.16% the S&P500. Some Historical TJX News: 22/05/2018 – TJX COMPANIES INC QTRLY CONSOLIDATED COMP STORE SALES INCREASED 3%; 04/04/2018 – TJX Companies Plans to Increase Share Buyback Program, With About $2.5 Billion to $3 Billion of Repurchases Planned for Fiscal 2019; 29/05/2018 – Urban League of Eastern Massachusetts Partners with TJX and Jobcase for the Seventh Annual Jobs Rebuild Boston Community Conference and Career Fair, One of Boston’s Largest Annual Job Fairs; 13/03/2018 – TJX COMPANIES INC TJX.N : CREDIT SUISSE INITIATES WITH NEUTRAL, $85 TARGET PRICE; 08/05/2018 – Detailed Research: Economic Perspectives on Park Hotels & Resorts, Steel Dynamics, Tenet Healthcare, The TJX Companies, VeriSig; 04/04/2018 – TJX Companies Raises Quarter Dividend to 39c; 17/05/2018 – Home Furn News: TJX Lays Off Hundreds of Employees in IT Restructuring; 22/05/2018 – TJX Cos 1Q Net $716.4M; 22/05/2018 – TJX COMPANIES INC – QTRLY SHR $1.13; 22/05/2018 – TJX Cos Sees FY19 EPS $4.75-EPS $4.83

Among 35 analysts covering The TJX Companies (NYSE:TJX), 26 have Buy rating, 1 Sell and 8 Hold. Therefore 74% are positive. The TJX Companies had 108 analyst reports since August 10, 2015 according to SRatingsIntel. As per Tuesday, August 15, the company rating was maintained by BMO Capital Markets. The rating was maintained by Wedbush with “Outperform” on Wednesday, November 16. As per Tuesday, July 31, the company rating was maintained by Citigroup. The firm earned “Market Perform” rating on Wednesday, August 19 by Telsey Advisory Group. As per Thursday, November 29, the company rating was upgraded by Argus Research. Buckingham Research maintained the stock with “Buy” rating in Wednesday, November 15 report. The stock of The TJX Companies, Inc. (NYSE:TJX) earned “Neutral” rating by Credit Suisse on Friday, June 22. The rating was maintained by Deutsche Bank on Thursday, February 25 with “Buy”. The rating was maintained by Wedbush with “Outperform” on Thursday, February 25. The rating was upgraded by Morgan Stanley on Wednesday, May 17 to “Overweight”.

Fulton Bank, which manages about $1.52B US Long portfolio, upped its stake in Vodafone Group Plc New (NASDAQ:VOD) by 15,512 shares to 118,861 shares, valued at $2.58 million in 2018Q3, according to the filing. It also increased its holding in Paypal Hldgs Inc by 9,800 shares in the quarter, for a total of 33,025 shares, and has risen its stake in Pnc Finl Svcs Group Inc (NYSE:PNC).

Investors sentiment decreased to 0.98 in Q3 2018. Its down 0.03, from 1.01 in 2018Q2. It turned negative, as 33 investors sold TJX shares while 403 reduced holdings. 134 funds opened positions while 293 raised stakes. 517.51 million shares or 1.90% less from 527.52 million shares in 2018Q2 were reported. Plante Moran Finance Advsrs Limited Liability Corporation holds 0.01% or 302 shares in its portfolio. Pittenger And Anderson holds 0.75% or 85,053 shares in its portfolio. Monetary Group Inc has invested 0.04% in The TJX Companies, Inc. (NYSE:TJX). Optimum Investment Advsr accumulated 0.01% or 203 shares. Kentucky Retirement Systems Insurance Fund owns 11,845 shares. Longview Partners (Guernsey) Ltd reported 1.54% in The TJX Companies, Inc. (NYSE:TJX). Bb&T Corp invested in 183,833 shares. Research Global Invsts has invested 0.11% in The TJX Companies, Inc. (NYSE:TJX). Fiduciary Trust accumulated 4.2% or 1.34 million shares. Disciplined Growth Mn reported 2.44M shares or 4.58% of all its holdings. Raab & Moskowitz Asset Mngmt Ltd Liability stated it has 33,447 shares. Gabelli Funds Limited Co stated it has 0.08% in The TJX Companies, Inc. (NYSE:TJX). Blackrock invested in 0.21% or 42.32 million shares. Penobscot Investment owns 40,370 shares. Hudson Bay Capital Mgmt LP owns 0.04% invested in The TJX Companies, Inc. (NYSE:TJX) for 32,432 shares.

Analysts await The TJX Companies, Inc. (NYSE:TJX) to report earnings on February, 27. They expect $0.68 earnings per share, down 1.45% or $0.01 from last year’s $0.69 per share. TJX’s profit will be $838.54M for 18.47 P/E if the $0.68 EPS becomes a reality. After $0.63 actual earnings per share reported by The TJX Companies, Inc. for the previous quarter, Wall Street now forecasts 7.94% EPS growth.

Another recent and important The TJX Companies, Inc. (NYSE:TJX) news was published by Seekingalpha.com which published an article titled: “Best Dividend Stocks: TJX’s 20% Dividend Raises – Seeking Alpha” on January 17, 2019.

Since October 19, 2018, it had 2 insider buys, and 5 sales for $4.86 million activity. CROWN JAMES S had bought 5,000 shares worth $518,950 on Tuesday, February 5. The insider BACON ASHLEY sold 5,831 shares worth $599,304. Friedman Stacey had sold 3,022 shares worth $317,310 on Tuesday, January 29. $1.40M worth of JPMorgan Chase & Co. (NYSE:JPM) was sold by Beer Lori A on Tuesday, January 29. Another trade for 1,150 shares valued at $125,281 was bought by HOBSON MELLODY L. $1.22 million worth of JPMorgan Chase & Co. (NYSE:JPM) was sold by Petno Douglas B.

Among 34 analysts covering JPMorgan Chase & Co (NYSE:JPM), 18 have Buy rating, 2 Sell and 14 Hold. Therefore 53% are positive. JPMorgan Chase & Co had 129 analyst reports since July 21, 2015 according to SRatingsIntel. Credit Suisse maintained JPMorgan Chase & Co. (NYSE:JPM) rating on Monday, March 19. Credit Suisse has “Outperform” rating and $127 target. The rating was downgraded by Bernstein to “Market Perform” on Tuesday, August 16. As per Friday, September 9, the company rating was downgraded by Macquarie Research. Ertse Group downgraded the stock to “Hold” rating in Monday, April 25 report. The rating was maintained by RBC Capital Markets on Wednesday, December 6 with “Buy”. The stock has “Neutral” rating by Citigroup on Friday, October 6. The stock has “Buy” rating by RBC Capital Markets on Monday, November 13. The stock has “Hold” rating by BMO Capital Markets on Thursday, June 1. Nomura maintained it with “Neutral” rating and $91 target in Friday, October 13 report. Barclays Capital maintained JPMorgan Chase & Co. (NYSE:JPM) rating on Tuesday, January 3. Barclays Capital has “Overweight” rating and $100 target.

More notable recent JPMorgan Chase & Co. (NYSE:JPM) news were published by: Seekingalpha.com which released: “JPMorgan: Another Beautiful Quarter – Seeking Alpha” on July 13, 2018, also Seekingalpha.com with their article: “JPMorgan – 5.75% Forever – Seeking Alpha” published on September 18, 2018, Fool.com published: “Is JPMorgan Chase a Buy? – Motley Fool” on December 03, 2018. More interesting news about JPMorgan Chase & Co. (NYSE:JPM) were released by: Benzinga.com and their article: “JPMorgan (NYSE:JPM) CEO Jamie Dimon Talks Recession Risk, Trade With China In Davos – Benzinga” published on January 23, 2019 as well as Bizjournals.com‘s news article titled: “JPMorgan Chase applies for two more Baltimore County branches – Baltimore Business Journal” with publication date: February 07, 2019.

The TJX Companies, Inc. (NYSE:TJX) Institutional Positions Chart

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Mogo Finance Technology Inc (NASDAQ:MOGO) A nticipated to Post Q1 2020 Revenue of ($0.15 …

Mogo Finance Technology Inc (NASDAQ:MOGO) – Equities research analysts at B. Riley issued their Q1 2020 earnings per share estimates for …

Mogo Finance Technology Inc (NASDAQ:MOGO) – Equities research analysts at B. Riley issued their Q1 2020 earnings per share estimates for shares of Mogo Finance Technology in a report released on Wednesday, January 30th, Zacks Investment Research reports. B. Riley analyst S. Buck anticipates that the company will earn ($0.15) per share for the quarter. B. Riley has a “Buy” rating and a $7.00 price target on the stock. B. Riley also issued estimates for Mogo Finance Technology’s Q2 2020 earnings at ($0.13) EPS, Q3 2020 earnings at ($0.13) EPS and Q4 2020 earnings at ($0.08) EPS.

Shares of MOGO opened at $2.32 on Thursday. Mogo Finance Technology has a twelve month low of $1.98 and a twelve month high of $4.00. The company has a debt-to-equity ratio of 30.89, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $55.92 million and a price-to-earnings ratio of -3.41.

Several large investors have recently bought and sold shares of MOGO. JPMorgan Chase & Co. lifted its stake in shares of Mogo Finance Technology by 225.0% during the third quarter. JPMorgan Chase & Co. now owns 65,000 shares of the company’s stock worth $217,000 after buying an additional 45,000 shares during the period. Nicola Wealth Management LTD. acquired a new position in Mogo Finance Technology during the third quarter valued at $588,000. Finally, Two Sigma Investments LP purchased a new position in Mogo Finance Technology in the fourth quarter valued at $118,000. Institutional investors and hedge funds own 5.51% of the company’s stock.

About Mogo Finance Technology

Mogo Finance Technology Inc operates as a financial technology company in Canada. The company offers its products to help consumers enhance their financial health. It offers digital access to free monthly credit score monitoring; MogoCard, a Mogo Platinum Prepaid Visa card; MogoMoney personal loans; MogoProtect to identity fraud protection; and MogoMortgage, a digital mortgage brokerage solution.

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JPMorgan Announces First Bank-Backed Cryptocurrency

Umar Farooq, Head of JPMorgan Chase Blockchain Projects, also … financial activity could actually be made on Distributed Ledger Technology (DLT).


JPMorgan Chase, one of the biggest banks in the United States of America announced on CNBC its plans to embrace a new form of cross-border payments through blockchain technology. According to the financial institution, the time has come for the banking industry to transform and adopt smart platforms for the transfer of money and assets, and the registry of such transactions, almost immediately to finally overcome the current and archaic wire transfer system banks use today.

The announcement of the new JPMorgan Chase cryptocurrency was unexpected within the crypto sphere given that Jamie Dimon, CEO of JPMorgan Chase, has publicly expressed his feelings towards cryptocurrencies in a negative way, even calling them a fraud and a way for investors to lose their money. However, Dimon has not been against blockchain technology itself, finding it rather interesting. The bank also announced that the testing for cross-border payments using JPM Coin will begin soon, becoming one of the first cryptocurrencies used by a major bank.

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The JPM Coin will have the structure of a cryptocurrency, which will only work for clients of the bank, given that the institution has to comply with very specific financial regulations in the US. This means that the bank-backed cryptocurrency will not be available outside for trading at the moment of launching.

According to JPMorgan Chase, its cryptocurrency will work as a stablecoin given that it’s expected that its value will not fluctuate. Clients interested in acquiring the JPM Coin will have to apply and deposit the money in the bank in order to receive the cryptocurrency. The moment the client decides to use the JPM Coins to make payments through the blockchain platform of the bank, the bank will receive the transaction and then dispose of the JPM Coins and convert it into its equivalent to USD.

Umar Farooq, Head of JPMorgan Chase Blockchain Projects, also commented on the innovating move by the bank saying that all transactions carried out worldwide will eventually have to be adapted to blockchain technology in order to provide a better system for customers to move their money overseas. Farooq continuous saying that the amount of blockchain applications that currently exist is huge and that pretty much all financial activity could actually be made on Distributed Ledger Technology (DLT). The blockchain expert believes that the concept of money itself is what forces banks to develop better models to improve existing platforms and reduce fees in order to provide a better method for people, and especially companies, to move money around.

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