J.P. Morgan may start JPM Coin trials for clients soon, citing high demand

J.P. Morgan is reporting interest in the JPM Coin from its U.S., European and Japanese clients, Bloomberg writes. The bank is planning to start trialing the new token as soon as this year, having first publicly announced it had created a crypto-like coin in February.

JPM Coin will allegedly speed up securities trading considerably as it currently can take days to finalize a trade. Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, also said the coin could provide its clients with “instant” bonds delivery in exchange for cash. People will be able to buy the tokens in advance, storing them in their JPMorgan deposit account, will transfers being near-instant.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The token itself is pegged to U.S. dollar.

“We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized,” Farooq said. [related id="1"] 

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.