JPMorgan officially releases their cryptocurrency
Remember that moment when Jamie Dimon, the JPMorgan CEO, publically stated that Bitcoin is a fraud and that the US Wall Street Bank would be working on developing a cryptocurrency coin. As of today, the JPMorgan Coin is officially in development. This information comes from the New York Times.
JPMorgan is now the first United States Wall Street bank that has launched a cryptocurrency with real-world applications. It was a mistake for the creators of Bitcoin to doubt that MrDimon was bluffing and now the JPM Coin will sweep over crypto markets globally when it is launched.
JPMorgan isn’t just introducing their cryptocurrency coin; they are also releasing a blockchain service called “Quorum”. This blockchain service will be managed by several financial institutions on Wall Street, keeping track over the business data and metrics.
Clients of JP Morgan have been demanding innovative and new ways that their money could be transacted. This is what prompted the bank to create its blockchain and cryptocurrency solutions. Today, clients can now take advantage of the digital token JPM and attain faster transaction speeds than ever before. This is the perfect way for investors and traders to transfer large sums of money without any delays. Remember that unlike other cryptocurrencies in the past, the JPM Coin is backed by the US Dollar and is the first official US cryptocurrency.
Unfortunately, JP Morgan clients still have to wait a few months before they can get their hands on the JPM Coin. However, the revolution that is about to occur in crypto markets globally will be unlike anything to ever happen before. Bitcoin is in some deep waters right now.