JPMorgan, a well-known American commercial bank, is currently developing its own virtual currency, which is currently the first virtual currency developed by major US banks. The main starting point for JPMorgan’s development of virtual currency is the payment business, which currently transfers more than $6 trillion a day to businesses around the world.
There are reports that JPMorgan will begin testing virtual currency called JPM Coin in the next few months when it will be used to handle a small portion of payment services. Banks using blockchains for payment and settlement are nothing new, but publishing their own virtual currency, JP Morgan is the first in the interbank. However, JP Morgan’s virtual currency is actually the application of blockchain technology. JPM Coin is not a bitcoin and will be put on the market for public trading. So the above news does not seem to have much meaning for the current virtual currency industry in a bear market, although the form is somewhat similar but different.
Some analysts say that JP Morgan’s approach is to prepare for the future and transfer part of the social development business, such as cross-border payments, to the blockchain.
The director of the JPMorgan blockchain project also said that anything that exists in the world can be a payment link in trading activities as long as it can enter the blockchain. Of course, even the introduction of JPM Coin by JPMorgan is somewhat different.