JP Morgan just became the first bank to launch a stable coin
▻https://hackernoon.com/jp-morgan-just-became-the-first-bank-to-launch-a-stable-coin-16c924a9b36
They move $6 Trillion around the world each day. RIP Ripple?sourceThis is not JP Morgan’s first #blockchain rodeo. JP Morgan launched an Interbank Information Network (IIN) for cross border payments. 176 banks world wide have joined IIN since 2017.IIN is designed to transfer information.JPM coin is designed to instantly transfer value.Initially it will only be accessible to wholesale customers of JP Morgan. Unlike other stable coins JPM coin is a permissioned private blockchain.“Pretty much every big corporation is our client, and most of the major banks in the world are, too,” — Umar Farooq, Head of Blockchain Initiatives, JP MorganBlockchain will lead to faster settlement times for payments between institutional customers.This project is huge becauseIt removes the trust issues around if there (...)
#jp-morgan #hackernoon-top-story #jp-morgan-stablecoin #stable-coin