• Tue, 26 Mar 2019, 08:20 AM
  • All times are UTC
  • Edition:
    International
Link copied

JP Morgan reveals key details of Quorum Blockchain-based JPM Coin

Photo: Wikimedia Commons

Fri, 15 Feb 2019, 04:30 am UTC

J.P. Morgan has officially announced its digital currency initiative ‘JPM Coin’ and revealed key details of this new cryptocurrency.

First reported by CNBC, JPM Coin is a digital coin representing U.S. dollars held in designated accounts at JPMorgan Chase N.A. The banking giant said that the token will be extended to other major currencies, adding that “the product and technology capabilities are currency agnostic.”

“The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional accounts,” Umar Farooq, head of Digital Treasury Services and Blockchain, said.

“When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time.”

The token will be issued on Quorum Blockchain and the bank plans to extend it to other platforms. It will be operable on all standard blockchain networks, Farooq added.

J.P. Morgan said that it has become the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The test involved moving money between a client account and J.P. Morgan’s account using the new technology.

The bank also clarified that the coin is currently a prototype that will be tested with a small number of its institutional clients. It plans to expand the pilot program later this year.

“As we move towards production we will actively engage our regulators to explain its design and solicit their feedback and any necessary approvals,” it said.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,957.63 (-1.80%)
  • Ethereum (ETH) $134.75 (-1.86%)
  • XRP (XRP) $0.302100 (-2.04%)
  • Litecoin (LTC) $59.07 (-1.84%)
  • EOS (EOS) $3.65 (-0.45%)
  • Bitcoin (BTC) $3,957.63 (-1.80%)
Mar 26, 2019 (Tuesday)
07:07
CoolBitX’s crypto hardware wallet adds support for Gemini Dollar
06:18
Bitcoin nonprofit BitGive teams up with US-Based NGO to provide aid to Venezuela
05:13
OKEx to launch its own blockchain and decentralized exchange
04:40
Blockchain insurance startup B3i secures $16M in latest funding
03:36
eToro acquires smart contract startup Firmo
Mar 25, 2019 (Monday)
04:22
UniCredit completes transaction via we.trade blockchain platform
03:47
Crypto exchange Seed CX ventures into Asian markets via Hydra X partnership
Mar 22, 2019 (Friday)
10:46
SBI Group partners with U.S.-based semiconductor firm to manufacture crypto mining hardware
10:03
Square seeks engineers for new crypto-related initiatives
09:02
Cardano Foundation joins European Commission’s blockchain initiative INATBA as founding member
07:09
Blockchain smartphone maker Sirin Labs partners with MyEtherWallet
06:21
Alibaba, Aerospace Information partner to foster blockchain development
05:30
UPS partners with blockchain startup Inxeption for B2B e-commerce platform
04:36
Financial market veteran Rob Catalanello to lead crypto liquidity provider B2C2’s US expansions
03:44
Numerai secures $11M from Paradigm and Placeholder via token sale
Mar 21, 2019 (Thursday)
11:49
Former Prime Minister of Denmark joins blockchain firm Concordium as strategic advisor
11:00
North Korean dissident group CCD to issue blockchain-based post-liberation visas
10:03
Switzerland inches closer to cryptocurrency regulation
09:07
Huobi Global to launch token sale platform “Huobi Prime”
07:21
Asia Pacific Leaders Malaria Alliance’s M2030 partners with Dragonchain for blockchain-based services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft