In a move that many industry experts considered unlikely, the institution will exploit this new digital currency, called "JPM Coin", to increase the efficiency of certain types of transactions.
During an interview on CNBC , Umar Farooq, head of the JPMorgan division dedicated to blockchain technology , expressed his optimism regarding the future of distributed registers and their relationship with the bank.
" Everything existing in this world can be moved to blockchain, which acts as a payment component for transactions, " explained the man. " Quite frankly, applications are practically endless, and this can be used wherever there are .
distributed registries that include corporations or institutions. "
Initially JPM Coin will be used to increase the speed of transactions between large companies: traditional methods, such as SWIFT , often require more than one day. If the initiative were to succeed, explained Farooq, in the future the cryptocurrency could also be used for treasury services and the exchange of shares.
" Practically every single major corporation is our customer, and even most of the major banks in the world are ", concluded Farooq, confident in the future adoption by the blockchain. " Even if the service was limited only to our institutional clients, it should not be a brake. "
A really surprising news, especially in light of the fact that in 2017 Jamie Dimon , CEO of JP Morgan, had publicly called Bitcoin " a scam ".
Source: William Suberg