JP Morgan is the First U.S. Financial Institution to Release their Very Own Cryptocurrency

The colossal investment institution which is run by CEO Jamie Dimon, JP Morgan, has become the first bank in the United States to introduce their own digital currency. The new digital token will be called JPM Coin. It will be used by JP Morgan banks, to instantaneously settle payments between clients. According to reports, JP Morgan transacts about $6 trillion per day! A JP Morgan representative claimed that the digital token can also lead to digital securities in the future. Jamie Dimon, CEO of JP Morgan, has had a long battle between the distinction of cryptocurrencies and blockchain technology. He has stated, “I could care less what Bitcoin trades for, and why people are trading it.”  However, he is a believer of blockchain technology and has heavily invested into research on it. JP Morgan has shared with us what they will be doing with their coin, but they are not so transparent when it comes to technicalities on the token. It has been shared that the token will be implemented on a blockchain but we do not know how it will look like, as well as how the ledger will work. Nevertheless, with a big company like JP Morgan investing into their own token, perhaps naysayers will be willing to give digital currencies a shot!

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