{"id":3408,"date":"2019-02-16T16:07:46","date_gmt":"2019-02-16T16:07:46","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3408"},"modified":"2019-02-16T16:47:51","modified_gmt":"2019-02-16T16:47:51","slug":"jpmorgan-chase-introduces-a-bitcoin-like-digital-coin-to-speed-up-payments","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/jpmorgan-chase-introduces-a-bitcoin-like-digital-coin-to-speed-up-payments\/","title":{"rendered":"JPMorgan Chase introduces a Bitcoin-like digital coin to speed up payments"},"content":{"rendered":"\n<a href=\"https:\/\/www.coinbase.com\/join\/5742325d7c0e107ba900011c\"><img decoding=\"async\" class=\"wp-image-3256 aligncenter\" src=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2019\/01\/coinbase-banner-1.jpg\" alt=\"\" class=\"wp-image-3217\"><\/a>\n\n\n\n\n<p>If you ever happen to come across the JPM Coin while you\u2019re reading about Bitcoin and other cryptocurrencies, you should know its an official JPMorgan Chase digital coin pegged to the US dollar that\u2019s meant to speed up transactions between JPMorgan customers. In other words, a JPM Coin should always be valued at precisely $1, and should not increase or decrease in value as is the case for other coins in the crypto space.<\/p>\n\n\n\n<p>Ever since Bitcoin was introduced, the idea was that the blockchain technology that powers cryptocurrency can be used to process payments instantly, eliminating third parties from the process (financial institutions included), along with the costs involved in payment processing. But banks have been paying attention to the blockchain space over the past few years, and are ready to introduce their own blockchain-based payments solutions.<\/p>\n\n\n\n<p>The JPM Coins will be issued to JPMorgan clients when they deposit money to a particular JPMorgan account. The coins can then be used to transfer money to someone else\u2019s account over the blockchain. The recipient of JPM Coins would then exchange them for fiat currency. The technology would reduce the typical settlement time for transactions, the bank says in its handy FAQ section, without mentioning any details about how much these instant blockchain-based transactions will cost customers.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/MXBqmqTw5qIHRX.BtwZWfA--~A\/YXBwaWQ9aGlnaGxhbmRlcjtzbT0xO3c9ODAw\/https:\/\/media.zenfs.com\/en\/us.news.bgr.com\/d8e6145ab31c077a5bcde362b4259f4d\" alt=\"\"\/><\/figure>\n\n\n\n<p>However, the company said that the JPM Coins are in testing for the time being, and only institutional clients will have access to the pilot program, mentioning that savings may be passed on to their customers:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>JPM Coin is currently designed for business-to-business money movement flows, and because we are still in a testing phase, we don\u2019t have plans to make this available to individuals at this stage. That said, the cost-savings and efficiency benefits would extend to the end customers of our institutional clients.<\/p><\/blockquote>\n\n\n\n<p>In other words, you won\u2019t be able to use JPM Coin to trade other cryptos on exchanges. Well, not yet anyway.&nbsp;The bank noted that JPM will run on the Quorum Blockchain at first, and then will be extended to other platforms and will eventually be operable on all standard blockchain networks.<\/p>\n\n\n\n<p>What\u2019s interesting to note is JPMorgan\u2019s changing stance on cryptocurrency products. As\u00a0<em>Reuters<\/em>\u00a0reminds us, JPMorgan CEO Jamie Dimon called Bitcoin a \u201cfraud\u201d in 2017, saying that cryptocurrencies are \u201cworse than tulips bulbs\u201d at the time. He tempered his view a few months later when he said he regretted calling Bitcoin a fraud, but still said he wasn\u2019t interested in the coin. JPMorgan\u2019s position is now in favor of cryptocurrencies as long as \u201cthey\u2019re properly controlled and regulated,\u201d according to its presentation page.<\/p>\n\n\n\n<p>Source: https:\/\/news.yahoo.com\/jpmorgan-chase-introduces-bitcoin-digital-020348096.html https:\/\/www.bbc.co.uk\/news\/business-47240760<\/p>\n\n\n\n<a href=\"https:\/\/www.coinbase.com\/join\/5742325d7c0e107ba900011c\"><img decoding=\"async\" class=\"wp-image-3256 aligncenter\" src=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2019\/01\/ad_banner_coinbase-1-1024x126.jpg\" alt=\"\" class=\"wp-image-3215\"><\/a>\n","protected":false},"excerpt":{"rendered":"<p>If you ever happen to come across the JPM Coin while you\u2019re reading about Bitcoin and other cryptocurrencies, you should know its an official JPMorgan Chase digital coin pegged to the US dollar that\u2019s meant to speed up transactions between JPMorgan customers. In other words, a JPM Coin should always be valued at precisely $1, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JPMorgan Chase introduces a Bitcoin-like digital coin to speed up payments - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/jpmorgan-chase-introduces-a-bitcoin-like-digital-coin-to-speed-up-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan Chase introduces a Bitcoin-like digital coin to speed up payments - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"If you ever happen to come across the JPM Coin while you\u2019re reading about Bitcoin and other cryptocurrencies, you should know its an official JPMorgan Chase digital coin pegged to the US dollar that\u2019s meant to speed up transactions between JPMorgan customers. 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