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JPMorgan to Launch JPM Coin
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investopedia.comJPMorgan Chase & Co. announced the creation of JPM Coin, a digital token representing a fiat currency, in a news release issued in February 2019. JPM Coin uses blockchain technology that will facilitate the transfer of payments between institutional clients. The coin is fundamentally different from cryptocurrencies like Bitcoin. Most significantly, it is redeemable at a 1:1 ratio for fiat currency held by JPMorgan. JPM Coin was still part of the company's plans for the future as of February 2020.
JPM Coin is primarily a tool to help instantly transfer funds between some of JPMorgan's clients. Such a digital currency is needed for an exchange of money to take place between parties on a blockchain ledger. JPM Coin is the tool that helps to
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