It’s only February and already, we’ve had one of the biggest announcements in the crypto industry. JP Morgan announced yesterday that it had successfully trialed the JPM Coin. It will use it for its $6 trillion wholesale payments business as well as securities transactions. In doing so, it became the first bank in the U.S to have its own cryptocurrency.
Unsurprisingly, the industry is already racking its brains pondering the implications of the newest crypto. There are those who believe that despite being centralized, the JPM Coin will inspire mainstream adoption of cryptos. It’s only a matter of time before the other banks turn to digital currencies.
There’s an even bigger group that believes that JP Morgan has missed the whole point of cryptocurrencies. The JPM Coin will be a centralized currency. Thus, the bank will have…