JPMorgan will start testing its own cryptocurrency in …

JPMorgan will start testing its own cryptocurrency in real conditions

American investment bank JPMorgan prepares start to real tests his own cryptocurrencies called JPM Coin for several months, CNBC reports.

JPM Coin is expected to will be used to make small payments between clients payment department of the bank. Daily turnover JPMorgan exceeds $ 6 trillion, notes CNBC.

In conversation with the channel chapter blockchain-development of JPMorgan Umar Faruk identified three main areas of application of bank tokens: quality tool for international transfers between large corporate clients with opportunity instant settlements, transfers of securities and to replace dollars that are at the disposal of corporate divisions using JPMorgan vaults.

JPMorgan will start testing its own cryptocurrency in ...

“Large enterprises transfer money back and forth around the world. Exist whether method, which the will ensure that the unit can to confirm that he has money on the balance sheet without the need to transfer this money? In this case they are will be able to collect more money together and possibly, receive Better conditions”, – stated is he.

JPM Coin is an stablecoin, that is, each him unit provided dollar USA. Clients will be receive tokens after crediting money to the bank, and at the end of all the necessary calculations JPMorgan will destroy tokens, while returning deposits their owners. The token can probably be accessed by only audited large institutional clients such as corporations, banks and broker-dealers.

Farouk also admitted that JPM Coin will be used in the future for making payments between devices connected to the Internet, if this area of ​​blockchain application will be promising.