JPM Coin Now Available to Institutional Clients
If you are a part of the institutional clients, you’ll be glad to know that JPMorgan Chase & Co’s JPM Coin is now generally available for you. This programmable payments product will allow you to manage automated functions, such as dynamic funding and covering margin calls and overdue payments. In the future, it may even help you seize on differences in exchange rates. According to a LinkedIn post by JPMorgan Managing Director Naveen Mallela, Germany’s Siemens AG has already used this system to transfer money to fill potential shortfalls, with partners at Cargill and FedEx also being early adopters.
Blockchain Push Continues
Aside from JPM Coin, JPMorgan is also working on a blockchain-based solution for cross-border transactions. However, its availability depends on regulatory approval from U.S. authorities. This effort is part of a larger trend in the financial industry, with institutions like HSBC Holdings Plc launching new systems for tokenizing ownership of physical gold held in their London vaults.
Hot Take: JPMorgan’s Crypto Moves
JPMorgan’s release of JPM Coin and their ongoing work on blockchain-based solutions demonstrates the increasing integration of cryptocurrency and blockchain technology into traditional financial institutions. Despite their own success, JP Morgan remains cautious about the current market rally, indicating that there may still be skepticism about the long-term viability of cryptocurrencies among major financial players.
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