logo
Plus   Neg
Share
Email

JP Morgan Chase Creates Digital Coins Using Blockchain Technology

US investment bank JP Morgan has become the first US bank to create a crypto-currency to help settle payments between clients in its wholesale payments business.

The crypto-currency, which runs on blockchain technology, enables transfer of payments between institutional accounts.

According to the lender, the JPM Coin is not money per se. It is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar.

"We are supportive of crypto-currencies as long as they are properly controlled and regulated," Umar Farooq, JP Morgan's head of Digital Treasury Services and Blockchain, wrote in an online Q&A page.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Special Counsel Robert Mueller has completed his investigation of Russian meddling in the 2016 presidential election and alleged collusion with President Donald Trump's campaign and delivered a confidential report to Attorney General William Barr. a summary of select stories from the cryptocurrency and blockchain world during this week. Stocks moved sharply lower over the course of the trading session on Friday, more than offsetting the rally seen in the previous session. The Nasdaq and the S&P 500 pulled back well off Thursday's five-month closing highs.
Follow RTT