(BlockBar) Umar Farooq, director of digital capital services and blockchain at the investment bank, said customers will try out the technology with the ultimate goal of speeding up transactions, such as payments between companies and bond trading, according to a report released by bloomberg Japan on Tuesday.
The JPM coin is a stable coin designed for faster, safer payment processing. It can be used to settle bonds and commodity trades. Moreover, it runs on the original version of Ethereum called Quorum. Legal tender will be deposited in a bank account in exchange for replacement notes. Based on an authorized distributed ledger, it provides customers with experience of transparency and safety. Users can also retrieve tokens in exchange for cash easily.
For now, the stability currency is limited to the dollar. The bank plans to expand to other currencies over time. While legal processes such as licensing and approval take time, UmarFarooq shows highly support of this technology. As stated by UmarFarooq of JpMorganChase, customers from the USA, Europe and Japan had begun to show interest in the trials. The currency was initially pegged to the US dollar and soon it will to be extended to other fiat currencies in time. Meanwhile, JpMorganChase announced the addition of real-time validation for its blockchain payment system. It will resolve incorrect payments due to any data compliance issues.
In terms of usage, the traditional stable coin is used for investment, while the Morgan coin is used for blockchain application involving payment. If real-time clearing allows JpMorganChase to make a substantial profit and reduce friction, Other Banks may follow the step of Jpmorgan.
John Danie is a highly experienced marketing strategist and businessman in the blockchain industry who likes the pace of the development of cryptocurrency, especially in blockchain technology where it can move so fast. Being a fintech writer and crypto reporter with a fascination for tech and a passion for starting interesting conversations, he seeks to create authentic news stories in the industry.