Topic: [2019-02-14] JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed... (Read 166 times)

So they have thrown in the white flag and decided, "if you cannot win them, join them"    It is just a pity that they are totally late for the party, because Bitcoin has made significant strides, since it's introduction in 2009. 

People who share the majority of the Bitcoin's  community vision of decentralized authority and public participation in consensus decision making and financial privacy, will never support a Bank coin like this. 

When will all these governments, banks and companies learn that no one wants their centralized shitcoins? General population is not interested because they don't care about crypto in general, it's too hard for them and they don't see benefits, true crypto enthusiasts don't care about centralized coins because they are against the whole goal of cryptocurrency. On top of that, there's no way people would actually use all those coins, it's way too annoying to deal with multiple wallets.

Looks like it. They won't use something they won't be able to control I think. I heard funny meme and some fud after this news come to the XRP fans. Most likely they won't compete directly, if this project does really come to live at least for a few years.

Skimming news from various website, I heard this is just some Ethereum forks. Not really a big thing and definitely not something that could bring institution to invest in crypto.

This deserves to be the funny news of the day hehehe. That hypocrite has said that bitcoin is a fraud only because JP Morgan cannot control it. If it did, I would doubt that he would have the same opinion.
 
The article also mentioned that JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently take a day or longer using extant options such as SWIFT.

Are they developing another Ripple? Why not invest in Ripple the company? Is XRP in danger to be classified as an illegal security?

This is all just hype and I'm sure it will be for private used only by JPMorgan. And I don't see any reason why we should like be happy about the said news. And for those who noobs who think that this will bring the so-called institution money, then you have to read between the lines. This is just the beginner and I'm sure lots of financial firms will have their own vanity crypto for all we care.

JPMorgan was already working on blockchain/crypto solutions based on ETH, they developed Auroracoin. Its target is/was mainly companies and institutions if I remember correctly. I didn't waste time on it and I did a good choice since I have almost never heard about it since.

Definitely a commentator who sees the move as unlikely, to quote.

Basically just a meaningless token that we're not even sure will be using any form of blockchain. Well, if limited to JPM clients at institutional level, it's not much more than Burger King's Whopper coins in Russia I guess. I wonder how many like organisations will waste resources using these vanity crypto we'll see by 2020.

United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14.

In a move commentators may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to increase settlement efficiency, initially within three of its operations.

Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank.

“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network:

“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently take a day or longer using extant options such as SWIFT.

Elsewhere, treasury services and securities transactions are also in line to benefit, Farooq saying the cryptocurrency could expand further if it proves successful.

Only a small amount of the total funds involved in the three areas would involve JPM Coin at first.

“Even if this was limited to JPM clients at the institutional level, it shouldn't hold us back,” he added.

The banking giant became notorious among cryptocurrency participants in mid-2017, when its CEO Jamie Dimon openly called Bitcoin a “fraud,” comments he later personally refuted to Cointelegraph at the World Economic Forum last year.

Source: https://cointelegraph.com/news/jpmorgan-chase-launches-jpm-coin-using-crypto-to-speed-settlements