JP Morgan creates first US bank-backed 💰 crypto-currency

  |   Tech News

US investment bank JP Morgan has created a crypto-currency to help settle payments between clients in its wholesale payments business.

JPM Coin is the first digital currency to be backed by a major US bank.

The crypto-currency, which runs on blockchain technology, has been used successfully to move money between the bank and a client account.

JP Morgan says it sees potential in using digital coins to reduce risk and enable instant transfers.

JPM Coin is not for retail customers - it will be used internally by JP Morgan to enable the instantaneous transfer of payments between institutional accounts.

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