- Jamie Dimon has reportedly said that the JPM coin could one day be used by consumers for payments
- The Quorum-powered JPM coin was launched in February 2019, to facilitate international payments via blockchain technology
Die-hard bitcoin critic and CEO of JP Morgan Chase, Jamie Dimon has hinted that the firm’s recently launched cryptocurrency, the JP Morgan Coin (JPM coin), which is also a stablecoin, could one day be adopted by retailers, though the financial institution has no plans to issue the cryptoasset to individuals at the moment, reports CNBC on February 26, 2019.
Jamie Dimon Sees a Bright Future for JPM Coin
Per sources close to the matter, Jamie Dimon, the chairman, and CEO of JP Morgan Chase, a highly reputed American lender, has revealed that the newly launched JPM coin has huge potentials and could see a vast array of use cases in the near future.
Speaking at the firm’s annual investor day event, the 62-year-old Dimon who previously served on the board of directors of the Federal Reserve Bank of New York, reportedly stated during a question and answered session that:
“JP Morgan Coin could be internal, could be commercial, it could one be adopted by consumers.”
JP Morgan Betting on Cryptos
As reported by Blockchain Reporter on February 14, 2019, JP Morgan Chase, the largest of the big four American banks, entered the history books as the first major bank in the region to launch own cryptocurrency, a strong indication that it’s only a matter of time before cryptos go entirely mainstream.
Pegged at 1:1 with the U.S. dollar, the firm says its JPM coin will be used to facilitate superfast international payments.
Umar Farooq, Head of JPMorgan’s Blockchain said:
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use the JPM Coin.”
At current, the bank has reportedly made it clear that it’s not interested in issuing its stablecoin to individuals and it has started trialing the digital asset internally with its institutional clients.
In related news, on February 21, 2019, Blockchain Reporter informed that Japan’s Mizuho Financial Group has revealed that its J-Coin stablecoin would go live on March 1, 2019, and about 60 other banks in the region would integrate the cryptocurrency into their processes.