JPMorgan Chase is preparing to launch its cryptocurrency

JPMorgan Chase is preparing to launch its cryptocurrency - Jamie Dimon

Among those who seem to have decided to enter the digital assets sector, there is an extremely surprising name, namely JPMorgan Chase. The American banking institution led by Jamie Dimon it is in fact now ready to begin the testing phase of the JPM Coin, along with some of its customers, whose identity has not yet been revealed.
The surprise derives in particular from the fact that the CEO himself, even in a not too distant era, had not hesitated to release words of fire against Bitcoin and his sisters arousing small reactions in the opposite front.

The Bloomberg Japan report

The project was made public Umar Farooq, head of the Blockchain division of the US banking institution, which in a recent report by Boomberg Japan, did not hesitate to state how JPMorgan is now on the verge of launching its virtual currency, whose main objective is to make transactions considerably faster.
The JPM Coin, the name under which the token was designated within the company, in the intentions of the proposers, should become the ideal fuel for international payments, for transactions involving equities and treasury services of the same bank.


The project was based on the security of a forthcoming authorization for the use of cryptocurrency, which will use the blockchain Quorum, or a permissioned version (private) of that used by Ethereum, developed by JPMorgan technicians. It will be one stablecoin, with fiat money, initially the dollar, which will be deposited with the bank to guarantee the number of circulating tokens.
The very fact that it is anchored to the US currency has prompted some analyst to define the JPM Coin as a criptodollaro. A definition justified by the fact that it is able to best mix the typical stability of the greenback, thus eliminating the problems deriving from the excessive volatility of the virtual currencies, to the advantages in terms of security that are instead characteristic of the Blockchain technology

And Jamie Dimon?

As we have already mentioned, JP Morgan's decision is quite surprising, even though the proposal had already been made explicit in the first months of the year. A surprise arising from the now famous statements released a couple of years ago by its CEO Jamie Dimon, who claimed to consider Bitcoin the same as a simple scam and his intention to dismiss the bank's first trader who had tried to invest in the digital currency attributed to Satoshi Nakamoto.
Statements that had earned him more than a mockery a few months later, when it was learned that JPMorgan had not had too many scruples to take advantage of the collapse of BTC by not buying directly, but investing through Xbt, an exchange traded note (Etn) listed on the Stockholm Stock Exchange, or a Swedish kronor tool whose purpose is to go and replicate the performance of the underlying, in this case the exchange rate between cryptocurrency and the dollar, as happens in the case of Etf (Exchange traded fund).