JPMorgan Will Pilot ‘JPM Coin’ Stablecoin by End of 2019: Report

JPMorgan’s exec revealed that the bank has seen interest from global clients potentially using JPM Coin in bond transactions.

The United States’ largest bank, JPMorgan Chase (JPM), is expecting to pilot its own cryptocurrency JPM Coin by the end of 2019, according to a Bloomberg report on June 25.

Umar Farooq, head of digital treasury services and blockchain at JPMorgan, has revealed the company’s intention to launch pilot testing of JPM Coin with selected clients “around the end of the year” in case if relevant regulators approve the bank to do so.

According to Farooq, JPMorgan has seen an increased interest from global customers in the potential benefits of the bank’s stablecoin project JPM Coin revealed in mid-February 2019. Specifically, JPMorgan clients in the U.S., Europe, and Japan have expressed interest to learn about JPM Coin’s capabilities in speeding up securities and bond transactions.

In this regard, Farooq stated that the bank’s stablecoin has a potential to enable “instant” delivery of bonds via blockchain. The JPM’s executive has also revealed the bank’s positive stance on tokenized and digital securities, predicting that a number of stocks will become digital in five to 20 years. Speaking in an interview in Tokyo, Farooq said:

“We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized.”

In the recent interview, Farooq has reiterated his optimistic stance towards blockchain tech, after claiming previously that blockchain applications are “frankly quite endless.”

Recently, JPM’s managing director of global market strategy revealed that the bank believes that the bitcoin (BTC) industry has changed since 2017 due to impact from institutional investors.

Visit the USSA News store!
Click this link for the original source of this article.
Author: Helen Partz


This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.

USSANews.com USSANews.com