The coin is apparently different from traditional cryptocurrency, as a JPM Coin always has a value equivalent to one U.S. dollar and uses JPMorgan's private blockchain instead of open-access blockchain. (Photo: Shutterstock)
(Bloomberg) –JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses.
The biggest U.S. bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralized public ledger of transactions that offers more speed because it doesn't rely on a central recordkeeper.
“Many of our clients move money in different ways and they're looking for a more real-time way to move value around,” Umar Farooq, head of digital treasury services and blockchain, said in an interview.
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