JPMorgan is creating its own price-stable cryptocurrency (aka stablecoin) called JPM Coin for institutional customers.
The focus of the coin is to use it for money transfers (sort of like what Ripple does; where crypto tech is used to reduce needed liquidity and increase time and confidence in money exchange).
This might strike some as odd given how JPMorgan CEO Jamie Dimon has been a harsh critic of Bitcoin over the years… but of course, reading between the lines one might remember that he said paraphrasing, “I like the technology, just not Bitcoin.”
Anyway, we officially have a big bank in the crypto game, so congratulations to everyone who believed in the tech, your faith it seems was not misplaced.
For more reading, see CNN’s JPMorgan is creating its own cryptocurrency.