World News
See other World News ArticlesTitle: JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements
Source:
CT
URL Source: https://cointelegraph.com/news/jpmo ... g-crypto-to-speed-settlements/
Published: Feb 14, 2019
Author: William Suberg
Post Date: 2019-02-14 10:37:29 by Rotara
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Keywords: Central Bank, Cashless Society, Liars, Hypocrites
Views: 24
Comments: 1
United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14. In a move commentators may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to increase settlement efficiency, initially within three of its operations. Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain 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,” he told the network: “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.” JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently take a day or longer using extant options such as SWIFT. Elsewhere, treasury services and securities transactions are also in line to benefit, Farooq saying the cryptocurrency could expand further if it proves successful. Only a small amount of the total funds involved in the three areas would involve JPM Coin at first. “Even if this was limited to JPM clients at the institutional level, it shouldn't hold us back,” he added. The banking giant became notorious among cryptocurrency participants in mid-2017, when its CEO Jamie Dimon openly called Bitcoin a “fraud,” comments he later personally refuted to Cointelegraph at the World Economic Forum last year.
Poster Comment: Lying, thieving, rat-bastards !! 😂 BTW, this is the beginning of the end of many things and the official onset of many much more disturbing things. Digital cash, end of paper, total control on a ledger or blockchain. Hahaha I could write a book around this article. Subscribe to *Post Of The Day* Post Comment Private Reply Ignore Thread
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