The news that JPMorgan Chase, the biggest bank in the US, is launching its own digital coin has got the whole cryptocurrency world talking. This development is even more interesting when we take into account that the firm’s CEO, Jamie Dimon, has been outspoken in his criticism of Bitcoin in the past.
So, what is this coin all about and who is likely to use it? The following is what we know about it so far.
What Is the JPM Coin?
At the moment, this is still a prototype that is in the testing phase. It is set to be the first bespoke cryptocurrency to be issued by a major bank but no launch date has yet been released.
The driver behind the development of this coin is the need to transfer money instantly around the world. Old-fashioned wire transfers are now too slow so JPMorgan Chase will use the power of smart contracts to make the…