In case you missed it, JP Morgan is rolling out a crypto asset. The “JPM Coin” is a digital currency that will be used to settle transactions between the bank’s institutional clients instantly.

The first-ever bank to create a cryptocurrency moves more than $6 trillion around the world every day for corporations. A small fraction of these transactions will begin testing the JPM Coin in the coming months.

Umar Farooq, head of J.P. Morgan's blockchain projects, said, “The JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin.”

Changing Their Story

The move for JP Morgan to create a crypto asset may seem odd considering their CEO Jamie Dimon's infamous criticism of Bitcoin. But before you call Dimon a hypocrite, it’s important to note that the JPM Coin is very different from most crypto assets.

For one it’s a stablecoin, which means it’s 1:1 redeemable in fiat currency held by J.P. Morgan (e.g., US$). Bitcoin, for example, has intrinsic value, that is not backed by anything or anyone– it's decentralized. Also, according to the company, the coin will operate on a private blockchain that only JP Morgan and privileged clients have access to, unlike Bitcoin and Ethereum which are on public ledgers.

Even so, the company's feeling towards crypto as a whole seems to have improved. When asked what JP Morgan's official stance on crypto is, Farooq replied,

“We have always believed in the potential of blockchain technology and we are supportive of cryptocurrencies as long as they are properly controlled and regulated.”

While JP Morgan is the first bank to create a cryptocurrency, we doubt they’ll be the last. More banks will likely use blockchains to increase the speed and lower the price of transactions across the globe. What they wont do is open the financial system.


Exclusive: Voyager’s Game-Changing Bitcoin Trading App Just Went Live in the US

Voyager, the “Name Your Price” tool of crypto trading, launches in US 9 states this morning. Available on the Apple store as we speak, the powerful new brokerage app enables users to leverage the power of algorithmic trading to find the best deal on Bitcoin, Ethereum, and a variety of other cryptocurrencies. Users enter their trade conditions, and Voyager does the rest, accessing a growing list of exchanges to find the best liquidity and price. Read more.

Crypto Broker Led by Uber and E*Trade Alums Is Going Public

Voyager, a cryptocurrency brokerage startup founded by veterans of Uber and E*Trade, is going public on Canada’s TSX Venture Exchange through a reverse merger valued at $60 million. Read more.

JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business

The lender moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business. In trials set to start in a few months, a tiny fraction of that will happen over something called "JPM Coin," the digital token created by engineers at the New York-based bank to instantly settle payments between clients. Read more.

Bitcoin (BTC) is Money: Wyoming Passes Bill to Recognize Cryptocurrency

In the midst of an uneventful week for cryptocurrency, with coin prices still hovering at their lowest point for the new year, the state of Wyoming is nearing the transition period to officially recognizing cryptocurrency as a legal form of tender. Read more.

Blockchain has made it to Artsy, the popular art collection platform backed by investors like Google s Eric Schmidt, Chris Dixon, and Peter Thiel. Read more.

Nasdaq to Add Bitcoin and Ethereum Indices to Global Data Service

Stock exchange operator Nasdaq is adding indices for bitcoin and ethereum to its global data service later this month.

The company announced Monday that it has partnered with New Zealand-based blockchain data and research firm Brave New Coin to offer information on the two new indices starting Feb. 25. Read more.

Overstock Founder: Blockchain Can Make Government ‘Incapable of Being Bribed’

The founder and CEO of retail giant Patrick Byrne says that blockchain can make government “superefficient and incapable of being bribed,” in an interview with MarketWatch published on Feb. 12. Read more.

Software Giant Oracle Expands Its Enterprise Blockchain Platform

Global computer tech giant Oracle is expanding features on its enterprise-grade Oracle Blockchain Platform, the firm announced in a press release on Feb. 12

The platform’s new capabilities reportedly intend to simplify the process of integrating existing business and IT systems, as well as to speed up development and deployment of new blockchain applications. Read more.

A startup using Ripple’s xRapid for remittances just raised $1.7M

The World Bank estimates that in 2016 migrant workers sent $575 billion in remittances, $429 billion of which went to developing countries. On average, these workers paid 7% in remittance fees. Those over $40 billion in fees went straight into the pockets of remittance service providers such as Western Union and MoneyGram. In some parts of the world, like South Africa, remittance fees can be as high as 15.76%. Read more.

IBM Partnership Uses Blockchain, IoT to Combat Drought in California

A collaborative IBM project using blockchain and the Internet of Things (IoT) to tackle drought is underway in the United States state of California, according to a press release published Feb. 8. Read more.

US National Debt Hits Terrifying $22 Trillion. This is Why Bitcoin Matters.

Today is a record moment in US history. The total national debt has surpassed $22 trillion for the first time ever.

The runaway mountain of debt is a terrifying reminder of how fragile the fiat monetary system is. If you want to watch it pile up in real time, visit the US debt clock. It’s a sobering vision of a system out of control. Read more.

Quadriga Accidentally Moved More Bitcoin to an Inaccessible Wallet

The shuttered Vancouver-based digital exchange "inadvertently" transferred 103 Bitcoins on Feb. 6 to offline storage accounts known as cold wallets that are protected by passwords held by the company’s founder, who died in December, leaving the company unable to access cryptocurrency valued at C$468,675 ($354,300). Read more.

Download Voyager today and start trading 18 crypto assets commission-free. Click here.