JP Morgan Chase, one of the largest banks of the world, has developed his own cryptocurrency JPM Coin and is preparing for global tests in real conditions.
Conducting trial transactions should begin in a few months. JPM COIN will be used for part of international settlements between large companies and institutional institutions. The network will become an alternative option for traditional bank transfer, such as SWIFT, and will also reduce the time of the operation from several days to the pair of seconds.
The coin also plan to use for instant calculation for securities releases, replacing funds on domestic accounts of separate divisions of corporations, which are JP Morgan clients and potentially for mobile payments.
Entering a new method of mutual settlements will be gradually starting from the turnover of a small volume of JPM Coin. According to representatives of the financial giant, the use of cryptocurrency even exclusively in the institutional environment will not create restrictions, since most corporations and banks are their clients.
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