JP Morgan rolled out the first US bank cryptocurrency. The currency is designed to be decentralized so that no one has control over transactions being sent over the network. Cryptocurrencies are used successfully to move money between the bank and a client which usually runs on a blockchain technology.
The cryptocurrency, called “JPM Coin,” is intended for the bank’s wholesale payments business that moves $6 trillion around the world daily and not for retail customers. It will be used internally by the bank to enable instant transfers of payments between institutional accounts.