The first digital currency manufactured by a major US bank is finally here! Today, CNBC was first to?advise that JPMorgan Chase has officially launched its cryptocurrency. The first JPM Coin trial is set to launch with a few months.
JPM Coin Makes Trial Debut
JPMorgan Chase moves more than $6 trillion globally a day and soon the company will test its new JPM coin. The bank’s new digital currency are going to be tested to be in payments between its clients.
JPMorgan’s trial will become small but it’s the bank’s strategy for preparing for another that blockchain will be the main technology through the banking system. JPM Coin will focus first on international settlements by major corporations, expecting to improve the current SWIFT system. Essentially, JPMorgan will attempt and accomplish what Ripple has been doing with RippleNet and XRP.
JPMorgan’s CEO Jamie Dimon has been a long-time cryptocurrency doubter, which makes this movement and the new JPM coin a lttle bit surprising. Dimon has even gone as much as calling Bitcoin a fraud.
The world’s first digital currency was birthed by Satoshi Nakamoto due to the financial crisis in 2008. The crisis was started by way of the US’s major banks, including JPMorgan. Bitcoin was created to disrupt the established banking world.
When these new international payments are tested, it’s going to one of the first real-world applications for cryptocurrency in banking. Each JPM Coin shall be redeemable for a single USD, turning it into a so-called stablecoin.
Cryptocurrency Price Movements
According to CoinMarketCap, this news hasn’t really affected the asking price of digital currencies perhaps up to you would think. Usually, when big news strikes that way investors buy in, but that’s not very true today. When writing, BTC is trading at $3,616.83 a coin, down -0.30%. Coins during the top 50 digital currencies are seeing slight gains and losses.