In a report by CNBC, it was mentioned that Jamie Dimon, CEO of JPM, commented on the previously announced JPM Coin, a blockchain based stablecoin that has received some heat from hardcore crypto types while others have lauded the entry.
Dimon, during a Q&A session, stated:
“JP Morgan Coin could be internal, could be commercial, it could one day be consumer.”
The comment is indicative of the evolving concept of crypto and JPM’s experiment with distributed ledger technology.
Buried within the various presentations delivered today, the Corporate & Investment Bank deck was peppered with mentions of blockchain.
JPM Coin “Will Enable 24/7/365 Global Value Transfer”
- Digital coin designed to facilitate instantaneous payments using distributed ledger technology
- Will be available to JPMorgan Chase institutional clients
- Prototype tested successfully
- JPM Coin will facilitate payments in United States Dollars
- Will be extended to other major currencies in the future
- Will be issued on Quorum Blockchain, but can be used on other blockchain platforms
- Many potential uses in the future for institutional clients of JPMorgan Chase:
- Cross-border money movement 24/7/365 – outside traditional banking hours
- Payments for asset transfers over blockchain
- Internal liquidity optimization for large, complex corporate clients
The presentation indicated JPM’s intent to create the largest blockchain based banking information network with Interbank Information Network (IIN).
Blockchain incorporation is just one aspect of JPM’s mission of digitizing banking and becoming Fintech friendly. It is either that or whither. The choice is clear.