On 14 February, the United States banking giant JPMorgan Chase published that he himself clearly expressed himself. In particular, this is the first time & # 39; US large bank UU exploits digital asset for direct use in commercial operations.
It is fair to say that the move is a great deal from JPMorgan Chase, who is the CEO, Jamie Dimon, who is famous within the community crypto for his comments against Bitcoin (BTC). These are the main ideas and reports on the new funding, called "JPM Coin".
JPM Coin aims to increase settlement efficiency, firstly within three of its jobs
There are three original applications for JPM Coin, such as Umar Farooq, lender blockage project manager, CNBC.
It is the first one border payments for large corporate clients, which are currently dependent on the transfer of a bank delivered by networks such as SWIFT, which means they can take up to several business days to negotiate. According to Farooq, payments by JPM Coin will be made promptly at any time of the day.
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As a result, SWIFT, which currently deals with over half of the highly valuable cross border payments, may also be expected to update its application system. Ripple (XRP), whose headteacher, Brad Garlinghouse, has identified a 46-year inter-member interbank handling service already "what we do on a daily basis, in fact , taking care of SWIFT. "Ripple has reported a number of developments in the range of international payments, saving trading costs between 40-70 per cent and its xRapid platform and its & # 39; Putting a number of important banking centers to their RippleNet network.
SWIFT, therefore, has already started to block block research as one of the options to achieve faster payments. In addition, he has developed the Global Payments Innovation (GPI) payment premiums. Recently, a banking network confirmed a concept of (PoC) gateway that enabled the R3 block software company to connect to the GPI.
Second, JPM Coin would be used to security trades. In April, the bank inspected the Quorum Blockchain platform, along with the Canadian National Bank and other credit union partners. The purpose of making payments of simple sources, settlement and simplification rates is simpler, among other financial processes.
In particular, as Reuters wrote, the test proved "the 150 million USD ticket from the Canadian bank on the one day of a Yankee multipurpose target certificate one year." So, JPM Coin Institutional Institutions can use for immediate settlement, rather than waiting for a bank move to reach.
JPMorgan Chase Quorum created in 2016 as part of Ethereum Enterprise Alliance (EEA), and is one of the core partners. The platforms are executed in the Ethereum block Ethernet (ETH) and are based on user Ethereum Go. It is currently used by the pharmaceutical companies Pfizer and Genentech, as well as Microsoft Azure, among others. In March, JPMorgan Chase announced that they were considering changing Quorum to an independent group as a means of attracting more participants who could be scared if they are competitors in the bar.
Stopping reading: SWIFT is a & # 39; PoC's way to be published by R3, but still doubt about the blocks
Eventually, large coroners may use new cryptocurrency, such as Honeywell International and Facebook, which are intended to be used financial services business of JPMorgan Chase for replacing their money in a number of sub-companies around the world. According to CNBC, the companies gave the lender USD 9 billion in revenue in 2018. Farooq explained in his opinion:
"Money is a worldwide-wide leap in a large company, there is no way to guarantee that a subsidiary can represent money on its balance sheet without being moved to the unit, so they can reinforce their money and maybe they get better rates for it. "
It is expected that the "box" exams will take place in a few months. " However, only JPM Coins would only include some of the total funds involved in the three areas listed above. In total, JPMorgan Chase will transfer more than 6 billion USD per day worldwide, according to CNBC. he is the largest bank in the country. As Farooq said:
"Most of our clients are clients, and most of the big banks in the world are also. Even though this was limited to JPM clients at the establishment stage, we should not stop. "
He also added that, in the future, the lender's signals could be used for payments on Internet-related devices if they are moved to blockchairs. In general, a JPM representative seemed to be enthusiastic about the opportunities for technology in the bank.
"So there is anything that is currently around the world, as long as it moves to the block, this is the payout for its # 39 This business is completely unfinished, whatever you have a registered record that includes items or venues. You can use this. "
JPM Coin is similar to a stable stable – which is aligned with a general move.
According to the CNBC report, JPM funds are linked to US dollars so that their value is stable – technically, which makes the new well a stable money, at least in the first form.
Users will get the medals after they get dolls in JPMorgan Chase. After the tokens have been used for payment or purchase value in the series of blocks, the lender will be destroying and disposing of money equivalent to the clients as an alternative .
Generally, the state storms had a good year in 2018, and they were becoming bigger among the players who played in the world; focus on surrender. For example, a Starter Ring, supported by Goldman Sachs, launched its USD (USDC) Coins with the important important exchange in the US. U., Coinbase, and Winklevoss pairs put their own stable stable called Gemini dollar after receiving a greenhouse light from the New York Financial Services Department (NYDFS).
Continue reading: the Winklevoss brothers are going to; Stirring money with fiat money after green light with New York ruler
JPM Coin runs on Cuòram, ETH private blocks of the bank
According to a section of common questions published by JPM on the same day the CNBC launched the release, its sign will initially start with the quorum blocks mentioned above (which is disabled & no, in other words, private). , but it will also be related to the "all branch network levels" in the future.
"JPM Coins will be given to the quorum blocks and will be extended to other platforms. JPM Coin will work in all normal blocking networks," said the guide.
For this reason, Jerry Brito, chief of the Center of Coin, said a non-priority and advocacy center aimed at cryptocurrencies and blockchairs, saying MarkWatch that JPM paid a payment system within the very clear place:
"There is a lot of dispute. […] I see people have a mentions how something is clear. It is not very fast. It is clear that a man is open and without permission (not privately). If you want to download it, you do not have permission, you just need a bit of software. "
In addition, JPM Coin will expand its role after being more than stable, according to the common questions:
"Over time, JPM Coin will be expanded to other key funds. The capabilities and technology of the agnostic program are of the base."
For now, the mark is designed to be used exclusively by JPM institutional practitioners.
Banker Jamie Dimon could have been against Bitcoin, but is also pro-Blockchain.
JPMorgan Chase grew famous among the participants involved in cryptocurrency in 2017, when the Ceannard, Jamie Dimon, published a Bitcoin foil openly. In 2018, Dimon started his position saying about Bitcoin that "was not really true about my **** and …".
However, at the 2019 World Economic Forum in Davos, when the Chief Executive of JPMorgan Chase was asked if he was dissatisfied when the decline fell last year, he responded in particular and followed good ideas about the technology on behind.
In particular, Dimon noted that it is pro-Blockchain, despite the sophisticated multiplication of technology. In this view, blockbox is better than online databases:
"Blockchain is a real technology – not just a database that can all be achieved."
In fact, the banking giant has been blocking a blockage since 2016, when the white Quorum white paper was first published.
Read on: Despite criticism before, JPMorgan CEO, Jamie Dimon, does not have a & # 39; indicates the weakening of Bitcoin
The news has received a mixed response from the community.
Changpeng Zhao, Head of Binance, welcomed the first bank in the US. UU., Describing the essential phrase of Mahatma Ghandi: "first they will notice you, then they'll laugh at you, then they will fight against them you and then you win ":
First of all, they are … then … you'll win!
Welcome to the real world, JPM! https://t.co/RH7LwWPCSi
– CZ Binance (@cz_binance) February 14, 2019
Cointelegraph has contacted Ripple for further comment on the case. In response, the Ripple team joined the tweet from his director Brad Garlinghouse, who, at the same time, criticized his / her. Opinion on digital funds issued by bank (known as "bank money") and JPM Coin in particular, naming a medium Structure:
As expected, banks change their tune on a crypto. But this JPM project misses its point – it's a & # 39; including a closed network today like launching AOL after the Netscape IPO. 2 years later, and medals are still not a https://t.co/39EAiSJwAz answer https://t.co/e7t7iz7h21
– Brad Garlinghouse (@ bgarlinghouse) February 14, 2019
In particular, two years ago, Garlinghouse wrote an article in which he argued that such projects – in which bank sites are made with a distinctive digital signal – are expressed and undoubtedly "Means a silver picture even more loose than the one we are today":
"If banks of different groups of digital resources want to trade with them, they have to make markets among their unique digital resource or trade between their digital resource and general money. What a catastrophe!"
However, some members of the community seem to have more confidence in JPM Coin, which suggests that the new well is capable of a broader use and, therefore, to be better than Ripple in the future. Multicoin Capital, Tushar Jain, write:
It was obvious that Banks had ever used to use XRP for settlements and their; adds to Ripple Inc. (which has more than half the XRP). They prefer to be rich instead of that!
Kudos to JPM for the first time. They will erase the floor with Ripple. https://t.co/Jkfkvr7BnE
– Tushar Jain (@TusharJain_) February 14, 2019
"In particular, the banks would never use XRP for melting and enhancing Ripple Inc. (which has more than half the XRP). On the other hand, they prefer to be rich!
Congratulations to JPM for being the first one. They are going to clean the floor with Ripple. "
Bloomberg's business editor Joe Weisenthal, appear similar opinion:
If it appears that the Blockchain / Co framework proves that it is good for banks to & # 39; Move money around, then JPM Coins should be able to delete Ripple
– Joe Weisenthal (@TheStalwart) February 14, 2019
"If it appears that the Blockchain / Money frame looks like the banks that move money, then the JPM Coin should completely destroy Ripple."
Although it is too early to find that JPM Coin is transferred to public block chains and that they get more recognition among their partners to their crypto market, some & # 39; reflect as a result of their current abilities. So, Nathaniel Popper, author of the book "Digital Gold, a History of Bitcoin", a & # 39; tweeted:
The JPM Coin is capable of moving a dollar between the bank accounts of JPMorgan immediately. That is to build a & # 39; question: Why can not dollars be moved between two JPMorgan bank accounts instantly?
– Nathaniel Popper (@nathanielpopper) February 14, 2019
"JPM Coin allows you to move a dollar between the JPMorgan bank accounts immediately. That's what's going to do so: Why is it not possible to move delays between two JPMorgan bank accounts immediately? "