JPMorgan to use digital coin to speed up corporate payments [Business News Network (BNN) Energy & Resources (Canada)]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Business News Network
JPMorgan to use digital coin to speed up corporate payments JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses. The biggest U.S. bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralized public ledger of transactions that offers more speed because it doesn’t rely on a central record keeper. “Many of our clients move money in different ways and they’re looking for a more real-time way to move value around,” Umar Farooq, head of digital treasury services and blockchain, said in an interview. JPMorgan moves more than US$5 trillion in wholesale payments each day, so even a nascent experiment from the banking giant is poised to make waves in the cryptocurrency world. While some experts questioned the broader impact of a dollar-pegged coin available only to JPMorgan clients, other
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 4/24/24 - Form FWP
- 4/24/24 - Form 424B2
- 4/24/24 - Form 424B2
- JPM's page on the SEC website