J.P. Morgan is rolling out the first US cryptocurrency backed by a bank. Engineers at the lender have created the "JPM Coin," a digital token that will be used to instantly settle transactions between clients of its wholesale payments business. While J.P. Morgan's Jamie Dimon has bashed bitcoin as a "fraud," the bank chief and his managers have consistently said blockchain and regulated digital currencies held promise.
J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trillion the bank lends to corporations will happen over something called 'JPM Coin.' The digital token created by engineers at the New York-based bank to instantly settle payments between clients. CNBC banking reporter Hugh Son breaks it down.
J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trillion the bank lends to corporations will happen over something called 'JPM Coin.' The digital token created by engineers at the New York-based bank to instantly settle payments between clients. The "Squawk Box" crew discusses the possible implications of this roll out for crypto investors.
Engineers at the lender have created the "JPM Coin," a digital token that will be used to instantly settle transactions in its wholesale payments business.
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The bitcoin price bubble has burst but JP Morgan Chase's Jamie Dimon isn't taking a victory lap.
J.P Morgan CEO Jamie Dimon joins 'Squawk Box' at the World Economic Forum to discuss the health care industry and the health care venture Berkshire Hathaway, J.P. Morgan and Amazon are working on.