JPMorgan Chase & Co. successfully tested a cryptocurrency it plans to use in trials for clients of its wholesale-payments business.
Dubbed JPM Coin, it's based on blockchain technology, a decentralized public ledger of cryptocurrency transactions that's seen as a way to track transactions without central record-keeping, the bank said Thursday in a presentation on its website.
“We successfully tested the movement of money between a client account and a JPMorgan account using the new technology,” Umar Farooq, head of digital treasury services and blockchain, said in the presentation. “We believe that JPM Coin can yield significant benefits for blockchain applications by reducing clients' counterparty and settlement risk, decreasing capital requirements, and enabling instant value transfer.”
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