America’s largest bank, JPMorgan Chase is launching its own cryptocurrency.
The coin which is to be called, JPM Coin, will exchange for one US dollar, the bank revealed. More so, it won’t trade freely like other cryptocurrencies.
This is a rather surprising move by the bank, after its Chief Executive Officer, Jamie Dimon, was quoted as saying at a time that he doesn’t “really give a shit” about bitcoin, while threatening to also sack any staffer at the bank who invest in bitcoins, he added that, “If you’re stupid enough to buy it, you’ll pay the price for it one day.”
Meanwhile, its new coin which will be known as the, JPM Coin is expected to help its clients reduce the risk and cost of banking transactions, by making money transfers faster and also help reduce the amount of capital they need to hold onto.
For a start, only major institutional customers would be able to use the JPM Coin, as the JPMorgan plans to roll it out to more customers later in 2019.
Meanwhile, Jamie Dimon while speaking with Fox Business on Tuesday, has since changed his view about crytocurrencies, citing that it was just one of many critical comments about bitcoin which he regrets making.
He further added that blockchain, the technology that underpins bitcoin is “real”, it is imperative to look at cryptocurrency offerings individually.
“You can have cryptodollars and yen and stuff like that,” he said.
The bank further ussued a statement, clarifying it stand on cryptocurrencies on Thursday,
“We have always believed in the potential of blockchain technology and we are supportive of cryptocurrencies as long as they are properly controlled and regulated,” said the bank
“As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators.”