JPMorgan Chase (JPM), one of America’s premier banking institutions, is set to host its own separate digital currency by the end of this year. Reports indicate that the currency has been assigned the working name ‘JPM Coin’.
Umar Farooq, an official from the company’s department of digital treasury services and blockchain, disclosed that the firm intended to begin testing the coin with a few premier clients somewhere around the end of the year, assuming it passed regulatory checks.
Mr Farooq believes that the firm’s decision mirrors a heightened interest from its worldwide customer base over a prospective crypto project. He named, in specific, clients based in the U.S, Japan and continental Europe who showcased higher amounts of interest over a prospective stablecoin initiative, with the merits of said initiative including speedier transactions among many others.
Farooq believes that the firm’s crypto project has the capacity to facilitate near instant movement of funds through its blockchain infrastructure. He also took a highly optimistic stance on the increasingly digital nature of the financial spectrum, laying a prediction that vast volumes of stock will go digital in the coming decade or two.
The JPMorgan executive also reinforced his positive attitudes surrounding cryptocurrency and blockchain technology. In an earlier instance, he had commented on the vast potential of blockchain applications, noting how they were ‘quite endless.’