After a few months to begin testing pegged to the dollar stable token-Coin JPM, developed by engineers at JPMorgan Chase for instant payments between clients, according to CNBC.
During testing, the JPM Coin will be used for a small part of the international transactions between wholesale clients payment services of the Bank. The daily volume of wholesale payments between corporations at JPMorgan more than $6 trillion.
After the trials, the application of banking stablon may be a first option for its use, said the head of the blockchain initiatives JPMorgan Umar Farooq (Umar Farooq). According to him, other aspects of early application of the JPM Coin can be accelerated settlement of transactions in securities and use of as a replacement for the dollar in transactions between subsidiaries of the corporations. Ultimately the banking cryptocurrency can be used in mobile payments added Farooq.
“The apps, frankly, are endless. Everything is included in the distributed registry of the Corporation or institution can use it,” he said.
The head of JPMorgan Chase Jamie Dimon (Jamie Dimon) is known as a fierce critic of bitcoin and cryptocurrencies, however, he always emphasized the prospects of the blockchain technology. The Bank is actively testing the use of new technology for interbank payments and the issuance of debt. However, recently Director of global research at JPMorgan Securities , Joyce Chang (Joyce Chang) said that the blockchain is still far from large-scale cross-sectoral implementation.