{"id":12380,"date":"2019-02-15T00:00:00","date_gmt":"2019-02-15T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2019\/02\/15\/j-p-morgan-to-launch-its-own-u-s-dollar-backed-cryptocurrency\/"},"modified":"2019-02-15T00:00:00","modified_gmt":"2019-02-15T00:00:00","slug":"j-p-morgan-to-launch-its-own-u-s-dollar-backed-cryptocurrency","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/j-p-morgan-to-launch-its-own-u-s-dollar-backed-cryptocurrency\/","title":{"rendered":"J.P. Morgan to Launch Its Own U.S. Dollar-Backed Cryptocurrency JPM Coin"},"content":{"rendered":"

\u201cIf you can\u2019t beat them, you join them!\u201d<\/em> That\u2019s the message being portrayed by J.P. Morgan’s<\/strong> latest development. The leading investment bank is launching its own cryptocurrency stablecoin backed on a ratio of 1:1 against dollar deposits in its treasury.<\/p>\n

For several months now, J.P. Morgan’s Jamie Dimon<\/strong> has taken every opportunity to bash bitcoin<\/a> <\/strong>claiming that it lacks intrinsic value. He went as far as calling it a \u201cfraud.\u201d<\/em> Despite his negative stance against the leading cryptocurrency, Dimon did hold the underlying blockchain technology to high regards and believed that there is a place for regulated digital assets in the global economy.<\/p>\n

In this latest development, J.P. Morgan will be issuing a first of its kind US bank-backed cryptocurrency \u2013 the JPM Coin<\/strong> token built by an in-house engineering division. According to Umar Farooq<\/strong>, J.P. Morgan’s head of blockchain projects, the JPM Coin will initially serve three main functions:<\/p>\n