The token is based on blockchain technology, a decentralized public ledger of transactions that offers more speed because it doesn’t rely on a central record keeper, the online publication continues. Moreover, JPM Coin is aimed at transferring value rather than information, according to the bank.
The bank started developing JPM Coin back in 2018 in response to client demand and plans to start testing out possible uses with a small number of its institutional customers in the coming months. However, a bank’s representative declined to name the interested companies.
As the large US-based bank moves more than USD 5 trillion in wholesale payments each day, even a nascent experiment from the banking group is poised to make waves in the cryptocurrency world. A similar move was adopted by Japanese Mitsubishi UFJ Financial Group which started working on initiatives such as the MUFG Coin as early as 2016.
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