JPMorgan has managed to be quite in the headlines after launching JPM Coin, its digital coin. There has been a lot of trolling on social media platforms over the company’s take on cryptocurrencies a couple of years back.
As per sources, JPM Coin was created with an intent to enable faster and secure payments processing between institutional clients using blockchain. Unlike Bitcoin, which is considered a fraud by the CEO of JP Morgan, JPM Coin is claimed to be a stable coin which has not been launched for investments purpose. Rather, it will be used to settle debts and payments within JPMorgan Chase, as stated by the firm.
Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, has linked the launch of the coin to the firm’s decision to meet its customers’ demand for a secure and instant payments processing platform.