The currency is called JPM Coin, and it is intended for the bank’s major business clients. Representatives of the financial organization noted that all clients will undergo rigorous background checks before purchasing their coins. The bank promises instant coin transactions, which will be much more convenient than using fiat money.
The new coin can only be exchanged for US dollars, as the world’s most powerful currency. The cryptocurrency price will also be linked with the US dollar, meaning that JPM coin can be considered a stablecoin. Customers will be able to purchase the crypto by transferring funds to the bank. After all necessary procedures are concluded, JPM coin will be transferred into the client’s account.
JPMorgan leaders pointed out that their main goal with the cryptocurrency was to simplify financial operations and make it easier to conduct business. They denied any speculative goals for the currency.