JP Morgan To Release First US Bank Backed Cryptocurrency ‘JPM Coin’

Engineers at JP Morgan have created the first US Bank backed cryptocurrency called ‘JPM Coin’. Starting in a few months a small portion of JP Morgan’s wholesale payments business will be conducted via JPM Coin in a limited trial. JPM Coin will be pegged to the US Dollar with one JPM Coin being worth $1USD. The introduction of JPM Coin marks a massive change in attitude as CEO Jamie Dimon has previously been quoted as calling bitcoin a fraud, only to later regret using those words and then going on to say that he “[I] don’t really give a shit” about bitcoin.