JPMorgan is launching its own cryptocurrency
JPMorgan Chase has thrown its hat into the cryptocurrency ring, proposing to launch its own digital coin, as spotted by CNBC. It’s one of the few banks to consider launching cryptocurrency, and the initiative may be surprising given that CEO Jamie Dimon has said he doesn’t “really give a shit” about bitcoin.
The CEO’s harsh views of bitcoin haven’t stopped his company from going ahead and creating a new digital token called the JPM Coin. It’s supposed to give bankers and corporate clients a way to make payments to each other in real time as part of the company’s substantial corporate payments business.
JPMorgan Chase imagines cryptocurrency transactions could replace wire transfers that generally take several days to complete. It sees...