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JPMorgan Chase revealed that its JPM Coin is now being used commercially by a large tech company. The company created a business unit dedicated to cryptocurrencies with a focus on cross-border payments. This news follows a group of JPMorgan analysts praising bitcoin as an alternative investment to gold.
JPMorgan’s crypto now used commercially
Global investment bank and financial services firm JPMorgan Chase has created a dedicated crypto business unit called Onyx with over 100 employees, CNBC reported.
Takis Georgakopoulos, JPMorgan’s global head of wholesale payments, revealed at the publication that JPMorgan’s cryptocurrency, the JPM Coin, is being used commercially for the first time this week by a large, unnamed tech client to send payments around the world. . He added that other customers will be on board.
“The JPM Coin is based on a blockchain-based technology that allows for the instant transfer of payments between institutional clients,” according to the JPMorgan website. “A JPM coin always has a value equivalent to one US dollar.” Furthermore, “The JPM coin will be issued on Quorum Blockchain and subsequently extended to other platforms”.
Georgakopoulos further explained that the bank focuses on improving wholesale payments, particularly in areas where a better solution could save the industry hundreds of millions of dollars. CNBC noted that as a major player in this industry, JPMorgan moves more than $ 6 trillion a day to more than 100 countries.
JPMorgan’s announcement regarding Onyx and JPM Coin came after a team of analysts from the company’s Global Markets Strategy group advertised bitcoin as an alternative investment to gold among millennials, suggesting that the price of bitcoin may be ” doubled or tripled “if current trends continue.
What do you think of JPMorgan’s crypto strategy? Let us know in the comments section below.
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