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J.P. Morgan announced the creation of a blockchain-based currency, becoming the "first U.S. bank to create and successfully test a digital coin representing a fiat currency."
J.P. Morgan announced the creation of a blockchain-based
currency, becoming the "first U.S. bank to create and
successfully test a digital coin representing a fiat
currency."
Umar Farooq, head of Digital Treasury Services and Blockchain
for J.P. Morgan stated that "JPM Coin is currently a prototype
that will be tested with a small number of J.P. Morgan's
institutional clients, with plans to expand the pilot program later
this year." He said that JPM Coin is currently designed for
business-to-business money movement flows."
Further, Mr. Farooq said that JPM Coin has a value equivalent to
one U.S. dollar. When one client sends money to another over the
blockchain, JPM Coins would be transferred and
"instantaneously redeemed for the equivalent amount of U.S.
dollars, reducing the typical settlement time."
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