JP Morgan is putting final touches on its much-awaited cryptocurrency JPM Coin. Bloomberg Japan reports that the financial institution is to start trials on the coin with corporate clients, as it also eyes regulatory approval for its use in the mainstream financial sector.
JP Morgan Crypto
JPM Coin runs on Quorum, which is a private version of the Ethereum network, developed by the bank. The coin is to function as a stablecoin where fiat cash is to be deposited in exchange for the token before one is allowed to carry out transfers via a distributed ledger. Recipients of the tokens will be able to convert any amount of the tokens into cash.