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02/27/2019
Jamie Dimon Doesn’t Rule Out Consumer Payments Via JPM Coin
PYMNTS.com
“JPMorgan Coin could be internal, could be commercial, it could one day be consumer,” Dimon said during a question-and-answer session at the bank’s annual investor day.
The bank became the first to create its own cryptocurrency earlier this month. It was designed to settle transactions with clients of its wholesale payments operation, mainly for international and securities transactions related to blockchain.
The bank’s website says it does not have any plans to give individuals access to the coin. Currently, the digital token is being tested inside the bank with corporate clients, unlike bitcoin, which is open source and can be accessed by anyone.
“JPM Coin is currently a prototype that will be tested with a small number of JPMorgan’s institutional clients, with plans to expand the pilot program later this year,” the bank’s website says. “JPM Coin is currently designed for business-to-business money movement flows, and because we are still in a testing phase, we don’t have plans to make this available to individuals at this stage. That said, the cost savings and efficiency benefits would extend to the end customers of our institutional clients.”
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