JPMorgan has developed its own cryptocurrency

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Investment bank JPMorgan has developed its own digital currency JPM Coin, which will now be tested for several months, writes CNBC.

Representatives of the financial holding company emphasized that this kind of asset can be used in three directions: in the field of cross-border remittances, for transferring securities and as an alternative to the US dollar held by JPMorgan clients who use the services of the bank’s vaults.

The head of the blockchain unit, Umar Farouk, stressed in a conversation with CNBC:

“Enterprises around the world are transferring funds to and fro, sometimes only with the goal of proving to a partner that they have the necessary amount at their disposal. JPM Coin can help in this context. ”

JPMorgan’s Steablecoin is backed by the American national currency and will be issued to bank customers in certain proportions after crediting fiat funds to accounts, in case of which closures, tokens will be destroyed and deposits returned to the owners.

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