JP Morgan Unveils JPM Coin
Following a tumultuous year in cryptocurrency, there have been innumerable questions and hypothetical situations arising from the idea that we might be within the unforeseen downfall of the cryptocurrency sector before it even truly gets rolling.
However, aside from the reality that ALL investments go through their tough periods, the mere idea that an enormous corporation, such as JP Morgan, who at one point in time released statements below, would be able to easily slink into the space is a bit frustrating to those entities that have always believed in the potential held within the grips of the blockchain.
“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,” he said. “So there may be a market for that, but it would be a limited market.”
-Jamie Dimon in a 2017 publishing of The Guardian.
Moving on, the JPM Coin is set to be the first digital coin held by JPMorgan, or any other US-backed banking institution at this time, and is poised to shake up business and international payment systems from here on out.
Yes, I suppose for all intents and purposes, the coin with the moniker of JPM is being hailed as the first banking coin to move into the cryptocurrency space, but it appears to have attributes that mimic those of stable coins if anything, as they are set to a 1:1 ratio for redemption. The pegging of these coins at their identical USD equivalent ensures that the holders of the JPM Coin will have no risks, as they are not subject to the same price volatility of other varying cryptos.
In an article that was released by Forbes on the 17th of February, it was implied that the JPM Coin will only be released to a few customers over the course of the next several months, as they come in to deposit finance into their corresponding banks. Once everything is situated, customers will be able to complete payments over the banks blockchain network, while also reducing the clients required capital amounts, as well as their potential counter party and settlement risks.
At this point, things are relatively new, however, and we will be sure to keep you abreast on any upcoming changes and/or news within this space.
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