JPMorgan is already facing severe criticism from the cryptocurrency industry just a day after it announced it would launch its own token, ‘JPM Coin.’
Garlinghouse: JPM Coin ‘Misses The Point’
The plan, which would ostensibly make JPMorgan the first US bank to issue a token with a verifiable use case, surprised commentators when executives revealed it to the press this week.
“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this,” Umar Farooq, head of JPMorgan’s blockchain operations told CNBC.
JPM Coin, Farooq said, would see testing in the coming months, rolling out to applications in international settlement, securities and treasury services.
Little technical details have surfaced about the token, with Farooq’s comments…