JPMorgan Chase to Create Digital Coins Using Blockchain for Payments

JPMorgan Chase & Co said it plans to launch its own digital coins, called “JPM Coin”, that customers will be able to use for instant transfer of payments over a blockchain network, according to a story in Reuters News. The bank said customers, upon depositing money at the bank, will be issued the cryptocurrency which they will be able to use for transactions over the network with other JPMorgan clients. The coin can be redeemed for a U.S. dollar, so its value will largely remain stable, the bank said. JPMorgan said its new coin, which will be issued on its in-house blockchain technology Quorum, is currently a prototype. The company plans to make the coin operable on all standard blockchain networks.