sports j Posted February 14, 2019 Report Share Posted February 14, 2019 Introducing 'JPM Coin': JPMorgan will be the first major US bank to launch its own cryptocurrencyRebecca Ungarino Feb. 14, 2019, 09:27 AMKimberly White/Getty ImagesIn a first for a major US bank, JPMorgan said on Thursday it would launch a cryptocurrency tied to the US dollar.The bank said the coin, called the "JPM Coin" is intended to "make instantaneous payments using blockchain technology." JPMorgan's chief executive officer, Jamie Dimon, said in late 2017 that bitcoin, the largest cryptocurrency, was a "fraud." He later regretted the comments.CNBC first reported the bank's announcement. JPMorgan, the largest bank in the US, said on Thursday that it had created and successfully tested a cryptocurrency this month. It marked an unprecedented move for a major US bank.The bank said its digital currency, called "JPM Coin," is based on blockchain technology and is intended to enable the "instantaneous transfer of payments between institutional accounts." CNBC first reported the bank's announcement.JPMorgan said each JPM Coin has a value equivalent to one US dollar; digital currencies tied to fiat currencies have come to be known as "stable coins." "When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time," Umar Farooq, the firm's head of Digital Treasury Services and Blockchain, said in a release.The bank said that over time, JPM Coin will be "extended to other major currencies." As for whether regulators support the coin, the bank said the cryptocurrency is "currently a prototype," and as it moves toward production the firm will "actively engage our regulators to explain its design and solicit their feedback and any necessary approvals."Sign up here for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.Jamie Dimon, the bank's CEO, said in late 2017 that bitcoin, the largest cryptocurrency, was a "fraud." Months later he said that he regretted the comments, but said he still wasn't interested in bitcoin itself.The bank included its official stance on cryptocurrencies in its Thursday release: "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." Ironically, the bank recently published a recent report downplaying some of the benefits blockchain technology could bring to the industry. In January, JPMorgan offered skepticism on some areas blockchain could improve current processes."Blockchain is unlikely to re-invent the global payments system, but instead can provide marginal improvements to various parts of the process," the report said.The report did, however, explain the use cases it saw in streamlining and automating cumbersome banking processes, such as trade finance. JPMorgan has long shown interest in the potential of blockchain technology. In 2015 it joined a consortium of banks led by New York-based fintech R3 looking to create standards and protocols around how the blockchain could be used in banking. The relationship was short lived, though, as JPMorgan left the group less than two years later.That wasn't the end of JPMorgan's involvement in industry-led initiatives around the new technology. In 2016 the bank invested and began a trial project with blockchain company Digital Asset Holdings, which was led by former JPMorgan executive Blythe Masters before she stepped down at the end of 2018. In March 2018, the Financial Times reported that JPMorgan was considering spinning off Quorum, it's internal blockchain project and the one the JPM Coin will be issued on, in an effort to achieve greater industry adoption. Read more: 3 top fintech investors give their top predictions for cryptocurrency in 2019'The bigger mystery is why anyone trusted Quadriga in the first place': The story of the CEO who died with the passwords to $190 million of cryptocurrency is getting stranger by the daySEE ALSO: Bitcoin spikes sharply and suddenly »READ NOW: How to cast videos to Roku from your phone onto your TV » SPONSORED FINANCIAL CONTENT Aberdeen Standard InvestmentsWhy are alarms ringing in the global economy?Aberdeen Standard Investments The AscentA Shockingly Lucrative Cash Back Card If You Have Excellent CreditThe Ascent Dent ResearchHere's Where the Next Boom Happens (Hint: Its not the tech sector)Dent Research Stansberry ResearchGuess Who's About To Go Bankrupt In AmericaStansberry Research I.O. ResearchHuge $30-Billion Market Now Forecast To Soon Exceed $139 BillionI.O. Research INDICES IN THIS ARTICLEDow Jones 25,425.01 -0.46%NASDAQ Comp. 7,414.85 -0.07%S&P 500 2,743.48 -0.35%NASDAQ 100 7,013.07 0.00%NASDAQ Fut. 7,415.00 0.00%RELATED EXCHANGE RATESBTC/USD 3,612.2500 -54.83 -1.50%BTC/EUR 3,192.7700 -48.07 -1.48%BTC/CHF 3,623.1399 -41.27 -1.13%BTC/JPY 397,792.9063 -4,886.06 -1.21%GBP/BTC 0.0004 0.00 1.40%EUR/BTC 0.0003 0.00 1.51%JPY/BTC 0.0000 0.00 1.37%CHF/BTC 0.0003 0.00 1.14%USD/BTC 0.0003 0.00 1.52%BTC/GBP 2,796.6799 -39.05 -1.38%CURRENCY EXCHANGE RATESNAME PRICE VALUE %EUR/USD 1.1308-0.0012-0.10EUR/GBP 0.87650.00120.13EUR/CHF 1.13510.00400.35EUR/JPY 124.710.39500.32CURRENCY CONVERTERMORE FIND NEWS search textGOFollow us on: Also check out: S&P500 Stocks: ALL 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y ZDow Jones Gold Price Oil Price EURO DOLLAR CAD USD PESO USD POUND USD USD INR Bitcoin Price Currency Converter Exchange Rates Realtime Quotes Premarket Google Stock Apple Stock Facebook Stock Amazon Stock Tesla Stock* Copyright © 2019 Insider Inc. and finanzen.net GmbH (Imprint). All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service, Cookie Policy, and Privacy Policy. Disclaimer | Commerce Policy | Made in NYC | Stock quotes by finanzen.net Need help? Contact us! Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 #BTC4life #maximalist Quote Link to comment Share on other sites More sharing options...
D-Hustle Posted February 14, 2019 Report Share Posted February 14, 2019 schlong coin is going to rise Quote Link to comment Share on other sites More sharing options...
sports j Posted February 14, 2019 Author Report Share Posted February 14, 2019 dont think its viable for us gamblers probably makes it easier to get a bank account shutdown or jp themselves closing your account Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted February 14, 2019 Report Share Posted February 14, 2019 schlong coin is going to riseWhen is your last expected day on earth as a living creature? Quote Link to comment Share on other sites More sharing options...
FairWarning Posted February 14, 2019 Report Share Posted February 14, 2019 dont think its viable for us gamblers probably makes it easier to get a bank account shutdown or jp themselves closing your accountI’m sure there may be some interest in it because of JP Morgan and the USD, can’t see it good for funding offshore though. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 14, 2019 Report Share Posted February 14, 2019 ‘I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?’Jamie Dimon Quote Link to comment Share on other sites More sharing options...
sugardaddy Posted February 15, 2019 Report Share Posted February 15, 2019 Interesting. Seconds something iag posted a while ago saying banks were talking ill of bitcoin only to profit later. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted February 15, 2019 Report Share Posted February 15, 2019 ‘I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?’Jamie Dimon he also said he would fire any of his traders for investing/trading in bitcoin... right while they were doing it Quote Link to comment Share on other sites More sharing options...
MadTiger Posted February 16, 2019 Report Share Posted February 16, 2019 he also said he would fire any of his traders for investing/trading in bitcoin... right while they were doing it Reminds me of the mob and heroin/cocaine trafficking. The upper management laid down the law (death sentence) because the mandatory minimum sentencing made snitching pay off much better, not because of some moral code. The bosses still did drug deals, and the underlings (Gotti, etc.) still did drug deals, albeit very carefully. Quote Link to comment Share on other sites More sharing options...
IAG Posted February 16, 2019 Report Share Posted February 16, 2019 https://apple.news/ACu5mEl3nQnCdaNcD8YNDNQ “While Dimon publicly bashed bitcoin, his bank was quietly researching the promise of blockchain, the tamper-proof digital ledger that bitcoin is built on.” Dimon is a POS. Quote Link to comment Share on other sites More sharing options...
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