Altcoin News: JPMorgan Prepares to Test JPM Coin with its Clients

June 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

JPMorgan Chase will begin testing its JPM Coin with the participation of corporate clients, Bloomberg Japan reports.

According to media reports, Umar Farooq, the head of Digital Treasury Services and Blockchain, said that clients will take part in testing technology aimed at speeding up transactions involving, inter alia, the transfer of payments between companies, settlements on debt securities and commodities. According to Farooq, customers from Europe, the USA and Japan are already showing interest in JPM Coin.

Bloomberg notes that the bank announced testing the instrument with the expectation that in the future it will receive the appropriate regulatory approval.

For the first time, official information about the development of JPM Coin appeared in February. The asset is based on the Quorum blockchain, which is a private version of Ethereum that is focused on meeting the needs of bank customers. Initially, it was assumed that the testing of the JPM Coin will begin within a few months.

Farooq also said in a conversation with Bloomberg: “We are already a huge technology company. We invest more than $11 billion each year, and we have a total of nearly 50,000 employees in this field.”

He refused to disclose the names of companies that will be able to take part in the initial testing of JPM Coin. Currently, the bank does not plan to provide access to the coin to retail customers.

Author: Marko Vidrih