JPM Coin - JP Morgan's stablecoin - has come to market

Several months after it was first announced on the subject, JPM Coin - JPMorgan Chase's stablecoin - is up and running and being used by [...] https://www.pinterest.com/pin/1085437947660215829/

Several months after it was first announced on this topic, JPM Coin - the stablecoin of JPMorgan Chase - is up and running and being used by this large international company for 24/7 cross-border payments. JPM Coin is working! According to media reports, JPM Coin is finally working. It is known that today commercial customers can finally register on the bank's platform to use stablecoin. The new business unit for the project, named "Onyx", has over 100 employees and is managed by Umar Farooq. Takis Georgakopoulos, JP Morgan's global head of wholesale payments, told reporters: "We are entering a period of commercialization [...] moving from research and development to something that can become a real business." Blockchain at JP Morgan However, this is nothing new and not at all that surprising. Admittedly, in 2017. The CEO of the bank, Jamie Dimon, attacked cryptocurrencies and considered them scams, but at the same time the institution managed by him was already creating an interbank information network based on blockchain. More than 400 banks and corporations are participating in the project. JPMorgan believes that the Liink network, can bring significant efficiency savings and complex interactions that occur between banks. JPMorgan alone settles cross-border payments of more than $6 trillion per day, across more than 100 different countries. The bank also sees blockchain's potential to modernize its existing, outdated system for processing "hundreds and millions" of paper checks. Blockchain and digitization can safely eliminate the physical aspects of these exchanges altogether, the company believes. Georgakopoulos told the media: "Using a version of blockchain where participants are the primary issuers of checks and the primary operators of lockboxes, it is possible that we can save 75 percent of the total cost today and make checks available in minutes, as opposed to [today's] days." In turn, Onyx's new CEO offered his insights on why the bank's technology-led changes so far have seemed "slow" or at least ambiguous. He believes there is a lot of information hype around blockchain. "That's why at JP Morgan we kept relatively quiet until we were ready to scale and commercialize [the project]," - he said. Tags Blockchain JP Morgan JPM Coin