J.P. Morgan has announced the launch of America’s first digital coin, dubbed as JPM Coin, that represents the U.S. Dollar. The firm has disclosed its plans to extend the virtual coin to other currencies in the coming days.

Built on Quorum, an enterprise grade Ethereum blockchain, the JPM Coin allows users enjoy instantaneous transfer of payments between institutional accounts, along with ensuring confidentiality and security from potential frauds.

The firm has stated that the current payment system is inefficient, insecure and vulnerable too. And, in case of worst scenario such as failure of the central bank’s servers, the complete payment clearing system could collapse. However, the new system is claimed to provide a secure and efficient platform for real-time gross settlement (RTGS) that enables participants transfer tokenized fiat currency instantly.