thenextweb
JP Morgan has a new digital asset, JPM Coin. It’s not really a cryptocurrency, and it’s not quite a stablecoin, but it does use a blockchain. It’s mostly referred to as a digital coin.
Still, JPM Coin is set to square off against all the other redeemable bank tokens in the market, eventually.
Announced today via a flurry of reports, JPM Coin’s drawcards are listed as each token being redeemable for fiat, and that its powered by a “blockchain,” specifically Quorum, a distributed ledger platform developed by JP Morgan and some of its partners.
The network powering JPM Coin will be entirely permissioned (private, or if you prefer: centralized), controlled by the bank itself. It will reportedly be available only to its institutional customers that pass JP Morgan‘s Know-Your-Customer measures.
That’s really about it. It is backed by the bank‘s “strong balance sheet,” it’s attention to cybersecurity, and supposedly robust regulatory oversight. It says this should assure institutional players.
But it’s only really specific institutional players that will get access to this… thing. They can use it to send money between thick bank accounts.
Ultimately, Jamie Dimon isn’t necessarily trying to pull the wool over your eyes. It’s quite honest this product is probably not for you, and if you are looking for cryptocurrency, you might want to check out something like Bitcoin or Ethereum.
JP Morgan's Quorum blockchain opens new world of trading opportunities
digital-coin-payments
Please do not let them turn any virtual currency into a cryptocurrency. There are some basic features that distinguish Bitcoin from all other projects already invented.