JPM Coin

JPM Coin is a dollar-backed cryptocurrency (stablecoin) from the bank JPMorgan Chase, announced in February 2019 as an institution-to-institution service.[1][2][3]

JPM Coin is intended to serve as a value token on the Quorum consortium blockchain, using software (called "Quorum") also built by JPMorgan Chase, and is used to facilitate interbank payments on the Interbank Information Network (IIN).[4][5]

As of October 2023, JPM Coin is used for approximately $1 billion of transactions each day.[6]

References

  1. ^ Lucas Mearian (February 14, 2019), "J.P. Morgan to launch a U.S. dollar-backed cryptocurrency", Computerworld, archived from the original on February 23, 2019, retrieved February 22, 2019
  2. ^ Mary-Ann Russon (February 14, 2019), JP Morgan creates first US bank-backed crypto-currency, BBC
  3. ^ Hugh Son (February 14, 2019), JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business, CNBC, [R]etail investors will probably never get to own a JPM Coin. Unlike bitcoin, only big institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the tokens.
  4. ^ Anna Irrera (11 February 2020). "JPMorgan in talks to merge blockchain unit Quorum with startup ConsenSys". Reuters. Retrieved 12 February 2020.
  5. ^ David Canellis (February 14, 2019), JP Morgan's new digital 'coin' is not a cryptocurrency, or even a stablecoin: JPM Coin is the ultimate bankcoin, The Next Web
  6. ^ Ghosh, Suvashree (26 October 2023). "JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily". Bloomberg. Retrieved 7 December 2023.


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