(29 October 2020 – United States) JP Morgan have begun commercial use of its self-generated cryptocurrency ‘JPM Coin’. Its prime purpose will be to facilitate the transfer of payments between institutional clients. However, the coin will only be available for international payments with institutional clients who have undergone regulatory checks.
This will be the first meaningful cryptocurrency development in banking with the potential to replace traditional networks like Swift once tested. JP Morgan make US$ 6 trillion of international payments every day across more than 100 countries. With such volume, JPM Coin has the potential pave the way for new standards in the cross-border payments industry.
“We are launching our cryptocurrency platform because we believe that today presents the period of commercialisation, moving from research and development to something that can become a real business” commented JP Morgan CEO, Jamie Dimon