Umar Farooq, the leader of JPM’s Blockchain Focus talking on Blockchain technology’s benefit to the banks reported by CNBC, he said :
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“Anything that currently exists in the world, and as that moves onto the blockchain, this would be the payment leg for that transaction,”
Remember in mid-2017 Jamin Dimon the CEO of JP Morgan said that bitcoin is a fraud. Later in 2018 he refuted his statements saying that bitcoin is no fraud. Now in 2019, comes the JPM Coin.
JPM Coin primary objective is go speed up transactions which currently takes days to go through as per international transactions. It will help major corporations to efficiently process transactions faster.
Securities transactions, treasury services etc will also benefit from the new development. JPM Coin focus will only be in the three areas reported above.
“The cryptocurrency JPM Coin will expand further to other sectors if it proves successful”