JPMorgan Intends To Trial ‘JPM Coin’ Stablecoin by the End Of 2019
A Bloomberg report indicates that JP Morgan Chase (JPM), the largest bank in the US with $2.74 trillion assets under management, is planning to trial its own crypto JPM Coin by the end of this year.
In case JPM does not receive necessary clearances from regulators, Umar Farooq, who leads digital treasury services and blockchain division at JP Morgan, stated that the financial institution will still go ahead with the trial but with handpicked clients who are interested to join the endeavor.
Farooq also claimed that clients across the world have evinced interest in the stablecoin venture (JPM) unveiled in mid-February as they see crystal clear advantages.
In particular, JP Morgan customers in the US, Japan and Europe were keen to receive more info regarding JPM Coin’s ability in fast forwarding bond and securities transactions.
Furthermore, Farooq asserted that the bank’s stablecoin has the capability to facilitate “instant” delivery of debt instruments (bonds) through blockchain. The bank’s optimistic view on digitized and tokenized securities was also asserted by its executives while forecasting that a huge number of stocks will get digitized in the next two decades.
While giving an interview in Tokyo, Farooq said:
“We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized.”
Farooq has also reaffirmed his positive view towards blockchain technology. Previously, the blockchain lead had stated that there is no limit to this disruptive application.
Of late, JPM’s managing director of global market strategy disclosed that the financial institution feels that the crypto industry and Bitcoin has gone through a drastic change since 2017 mainly due to the entry of institutional investors.