Home Banking This is the beginning: Banks joining hands with Cryptocurrency

This is the beginning: Banks joining hands with Cryptocurrency

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IMAGE DISTRIBUTED FOR JP MORGAN CHASE - Jamie Dimon, JP Morgan & Chase Co. Chairman and CEO, discusses the impact of The Fellowship Initiative, Monday, June 23, 2014, at JPMorgan Chase Headquarters in New York. The expanded Fellowship Initiative enrolls young men of color in Chicago, Los Angeles, and New York City in a multi-year hands-on enrichment program that includes academic, social and emotional support. (Photo by Diane Bondareff/Invision for JPMorgan Chase/AP Images)

JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business as JPM coin. This coin won’t be regulated to retail customers instead it will be used internally to enable instant transfer of payments between institutional accounts.

When a individual deposits cash into an account , the money is converted into an equivalent number of JPM coins.

A new beginning in banking industry?

This is the beginning: beginning of a new tech era, beginning of blockchain technology, beginning of a revolution and a new beginning in banking sector, that will shook many companies soon, who lacks to improvise, adapt and overcome.

The CEO who criticized “Bitcoin” in 2017 describing it as fraud and irreliable investment, now join hands with this technology. Jamie Dimon, ”
We have believe in the potential of blockchain technology and we are supportive of cryptocurrencies as long as they are properly controlled and regulated”.

The bank is now in search of opportunity that blockchain technology carries to outstand in market and facilitate it’s customers with instant and transparent transactions.

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