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JPMorgan to Be the First-Ever U.S. Bank to Introduce its Own Cryptocurrency

It seems that tables have turned with JPMorgan Chase’s CEO, Jamie Dimon. In 2017, the chief executive called Bitcoin a fraud and whoever in the company who engages in trading the cryptocurrency would be fired.

JPMorgan Chase CEO, Jamie Dimon

On Thursday, the company already acquired utilization of Blockchain technology, making them the first-ever U.S. bank to introduce its own cryptocurrency. The use of the digital token is something that JPMorgan has evolved to do seeing its potential in the global financial structure.

Two years ago, it would be all different for the company as it also questions the legitimacy of Bitcoin and Blockchain. The years have proved that, perhaps, there are indeed great potentials for JP Morgan using the technology.

JPMorgan has also released its own Blockchain technology platform, Quorum – an Ethereum protocol that provides enterprises the ability to process private financial transactions. It is also the same platform that other financial companies and institutions use to track processes and financial data.

With the company’s embrace to using digital currency and platforms, it will create impact not only to its customers but also to other organizations and financial institutions in the U.S. This experiment by JPMorgan is still subject to careful analysis to see if it will work. The shift to traditional or regular to digital could be system-changing for its stakeholders.

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