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.

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DD
DD (@guest_723296)
February 16, 2019 12:26

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.

HmoobMikah
HmoobMikah (@guest_723193)
February 16, 2019 00:43

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.

86
86 (@guest_723131)
February 15, 2019 21:54

“…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

Treesha
Treesha (@guest_723112)
February 15, 2019 21:10

If you can’t beat them, join them. – what I guess Jamie Dimon is saying.

Flame
Flame (@guest_723087)
February 15, 2019 19:56

scam of the decade

Schmekel
Schmekel (@guest_723036)
February 15, 2019 18:24

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.

AB
AB (@guest_722981)
February 15, 2019 16:47

Crypto is great for criminals, child porn, drug deals, etc.

If you’re not into the above, stay away.

sloebrake
sloebrake (@guest_723358)
February 16, 2019 15:59
  AB

A lot of people like etc.

Adam D
Adam D (@guest_728371)
February 28, 2019 07:46
  AB

Ok Warren.

Millennial Outrage
Millennial Outrage (@guest_722950)
February 15, 2019 16:09

This just seems like JPM wants to use blockchain as an alternative to (and maybe eventual replacement for) ACH.

AB
AB (@guest_722983)
February 15, 2019 16:51

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.

Emporio
Emporio (@guest_722873)
February 15, 2019 14:49

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.

Gigabyte
Gigabyte (@guest_722838)
February 15, 2019 14:27

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.