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.
Gee. Gambling. (Again.) I’m going to phase out of Chase while I still have time. Thank you for this warning.
BTW “cryptocurrency” is nonexistent in the material world. It’s Truly and Completely a Ponzi scheme.
Didn’t Jamie Dimon say that he was going to fire anybody who works for him, if he finds out that they dabbled in cyptocurrency? Based on that logic he should fire himself.
“…retail investors will probably never get to own a JPM Coin. Unlike bitcoin, only big institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the tokens.” -CNBC
If you can’t beat them, join them. – what I guess Jamie Dimon is saying.
scam of the decade
The point of cryptocurrency is to free oneself of the banking system – No need for a third party.
It makes it possible to be our own bank .
This is pointless.
Jamie Dimon is utterly lost.
Crypto is great for criminals, child porn, drug deals, etc.
If you’re not into the above, stay away.
A lot of people like etc.
Ok Warren.
This just seems like JPM wants to use blockchain as an alternative to (and maybe eventual replacement for) ACH.
Agreed. They get the technology in and avoid the speculation.
Eventually crypto will be regulated anyway, so why not jump in while it’s still somewhat novel.
I’ll preface my comment that I think Bitcoin and true cryptocurrency are a threat to the integrity of our financial system and anti-money laundering efforts and that they should be banned or at least subject to strict regulation and monitoring.
While the JPM Coin uses blockchain technology, it shouldn’t be compared to other cryptocurrencies. I actually think this is a good idea. International payments for JPM’S large corporate clients, typically occur using wire transfers on the Swift network which take more than a day to settle. Conversely, the JPM Coin payments will settle in real time.
JPM Coin vs XRP. That should be a interesting battle.
Jamie and the JPM universe sure know how to misinform the public while scoping up as much bitcoin behind doors as they can while the price is cheap.