JPMorgan Chase is an American multinational bank and is considered the sixth largest bank in the world. JPMorgan Chase is also the largest bank in the United States. It handles a total of 2.5 trillion dollars. According to a report by Bloomberg published on June 25, this large international bank is set to launch the pilot version of its stablecoin, named JPM Coin, by the end of 2019.
The head of the digital treasury services and Blockchain at the JPMorgan Chase bank, Umar Farooq, said that the bank intends to launch this stablecoin cryptocurrency, JPM Coin, only with some selected clients by the end of the year.
According to Umar Farooq, there has been a lot of interest from global customers in the benefits of the JPMorgan Chase cryptocurrency. The interest has specifically come from the clients of the JPMorgan Chase bank in United States, Europe, and Japan.
Farooq said that this stablecoin will be able to instantly transfer bonds via the Blockchain network. Umar Farooq also stated that the stance of the JPMorgan Chase bank regarding the Blockchain technology and cryptocurrencies is positive and expects that a percentage of the banks’ stock will become digital in five to twenty years.
Umar Farooq, and the entire JPMorgan Chase bank, feel optimistic about this stablecoin.
A stablecoin is a type of cryptocurrency that, as the name suggests, has a stable and fixed value. Therefore, one can say that a stablecoin has all the benefits of cryptocurrencies and the Blockchain technology without the price volatilities of cryptocurrencies.