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.”
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.