JPM Coin

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JPM Coin is a dollar-backed cryptocurrency (stablecoin) from the major bank JP Morgan Chase, announced in February 2019 as an institution-to-institution service.[1][2][3]

JPM Coin serves as a value token on the Quorum consortium blockchain, using software (called "Quorum") also built by JP Morgan Chase, and is used to facilitate interbank payments on the Interbank Information Network (IIN), a payments network that as of 2020 includes over 300 banks.[4][5][6]

JPM Coin was preceded by Signature Bank's Signet stablecoin, launched by on December 4, 2018.[7]

References[edit]

  1. ^ Lucas Mearian (February 14, 2019), "J.P. Morgan to launch a U.S. dollar-backed cryptocurrency", Computerworld
  2. ^ Mary-Ann Russon (February 14, 2019), JP Morgan creates first US bank-backed crypto-currency, BBC
  3. ^ Hugh Son (February 14, 2019), JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business, CNBC, [R]etail 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.
  4. ^ Anna Irrera (11 February 2020). "JPMorgan in talks to merge blockchain unit Quorum with startup ConsenSys". Reuters. Retrieved 12 February 2020.
  5. ^ David Canellis (February 14, 2019), JP Morgan’s new digital 'coin' is not a cryptocurrency, or even a stablecoin: JPM Coin is the ultimate bankcoin, The Next Web
  6. ^ Antony Peyton. "JP Morgan's Quorum blockchain powers new correspondent banking network " Banking Technology". www.bankingtech.com. Archived from the original on 9 November 2017. Retrieved 22 February 2019.
  7. ^ "Signature Bank Unveils Proprietary Digital Payments Platform, Signet™". www.businesswire.com. 2018-12-04. Retrieved 2019-04-22.

External links[edit]