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JP Morgan’s new stablecoin currently in use by an unnamed “technology client“

 
JP Morgan’s new stablecoin currently in use by an unnamed “technology client“
Breaking News / Crypto Market

Quick take

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  • JP Morgan Chase, one of the biggest banking institutions in the world with $2.7 trillion worth of assets under management has just released its own stable coin known as JPM Coin.
  • The newly launched currency is going to be allegedly used commercially by a large tech client for the very first time this week.

JP Morgan Chase, one of the biggest banking institutions in the world with $2.7 trillion worth of assets under management has just released its own stable coin known as JPM Coin.

The newly launched currency is going to be allegedly used commercially by a large tech client for the very first time this week.

Initially announced back in February last year, very little has been spoken on the project since then. Only this week we have started hearing more news that the coin is now live for an unnamed client.

The coin was also designed to be a project that would help further acceleration in transactions with trials being piloted last year.

On top of this, the bank is also looking into different areas for the creation of new separate payments rails for central banks all over the globe that have shown a keen interest in developing their own cryptocurrency. Particularly, the global head of wholesale payments at a bank, Takis Georgakopoulos mentioned China and Singapore saying that there is a certain possibility of adoption with such a project.

To go alongside the launch of the stable coin, the bank has launched a new business unit subsidiary known as Onyx. This unit will particularly come helpful when the banking institution gets more commercial clients on board. Georgakopoulos said the following about the unit:

“We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.”



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