Jamie Dimon Sees the Possibility of an Open-Source JPM Coin in the Future
Jimmy Aki's original article for blockonomi.com reduced by 43%
Jamie Dimon, Chief Executive Officer of banking giant JPMorgan Chase, has revealed the is a possibility that the bank's new digital asset, the JPM Coin, would be used by consumers, according to a report on news outlet CNBC. Dimon made the statement at JPMorgan Chase's annual investor day, providing a possible radical change in the way the currency was initially developed to operate. At a question-and-answer session on the day, Dimon said, "JPMorgan Coin could be internal, could be commercial, it could one day be consumer." The JPM Coin is the first bank-backed cryptocurrency in the United States, and it was developed by engineers at the New York-based JPMorgan Chase to speed up the way transaction settlements are being made.
Specifically, the JPM Coin was designed for cross-border transactions, with the aim of speeding up international transactions. JPM Coin is currently designed for business-to-business money movement flows, and because we are still in a testing phase, we don't have plans to make this available to individuals at this stage. If Dimon's comments are anything to go by, there is a possibility that the JPM Coin would be used by customers as well.
His comments at the Forum, as well as the announcement of the JPM Coin, can only mean that Dimon and JPMorgan Chase have come to see that there is a possibility that digital assets have come to stay, and they could find some practical applications within the traditional financial industry.
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CN [too long; didn’t read]
Summarised crypto news.