Jamie Dimon: “JPM Coin Could One Day Be Consumer”
Abhimanyu Krishnan's original article for www.investinblockchain.com reduced by 55%
JPMorgan's decision to launch its own cryptocurrency, called JPMorgan Coin, has caused a furor in the cryptocommunity, which have slammed it for various reasons. Jamie Dimon, JP Morgan's CEO, has himself said several things about Bitcoin, once calling it a fraud, and then only a few months later backtracking and regretting the statement. JP Morgan Coin could be internal, could be commercial, it could one day be consumer, Dimon said.
There is no official announcement as to whether individuals will be able to use the coin; it currently remains just a possibility. The JPM Coin has been described as one that will help clients of its wholesale payments business settle payments, especially for cross-border transactions which are expensive and time consuming. Recently, the CEO of Bitcoin-based financial mobile application Abra, Bill Barhydt, said that JPM Coin and other enterprise blockchains are going to fail miserably, comparing it the dot-com bubble when "Extranets" were touted.
In any case, it will be interesting to see how the JPM Coin fares as the crypto market loses the hype that it was once plagued with, and as public blockchains work on the scaling solutions and other technological developments that allow them to work on a global scale.
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Summarised crypto news.