The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Basher JP Morgan Creates Its Own Crypto, Challenging Ripple and XRP

by Daily Hodl Staff
February 14, 2019
in Altcoins

JP Morgan is reportedly creating its own cryptocurrency to power cross-border transactions – the first backed by a major US bank.

The US financial giant is launching a landmark trial using a digital token called JPM Coin to settle transactions with its wholesale business clients, according to a new report from CNBC. The blockchain-based payments solution will initially be tested with a “tiny fraction” of the company’s clientele.

“J.P. Morgan is preparing for a future in which parts of the essential underpinning of global capitalism, from cross-border payments to corporate debt issuance, moves to the blockchain. That’s the database technology made famous by its first application, Bitcoin. But in order for that future to happen, the bank needed a way to transfer money at the dizzying speed that those smart contracts closed, rather than relying on old technology like wire transfers.

‘So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,’ said Umar Farooq, head of J.P. Morgan’s blockchain projects. ‘The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.'”

JP Morgan’s CEO Jamie Dimon is a prominent Bitcoin critic who has called the leading cryptocurrency a fraud. However, he has also said he’s a believer in blockchain.

The company also said Bitcoin is only valuable in a “dystopian” environment in a report released last month, and banned its customers from purchasing Bitcoin with credit cards last year.

However, in 2016 JP Morgan created an enterprise version of Ethereum called Quorum to explore blockchain applications. The permissioned blockchain is designed to power “any application requiring high speed and high throughput processing of private transactions.”

JP Morgan says the company’s new cryptocurrency has three distinct use cases at the outset, outlining a set of goals that bring the cross-border payments company Ripple and the digital asset XRP to mind.

• To settle international payments for its large clients, instead of relying on wire transfers on Swift
• To power securities transactions and settle tradable financial assets for institutional clients
• To replace dollars in the company’s treasury service to handle payment flows for retail customers

In the long run, the company says it’s hoping JPM Coin can capitalize on a first-mover advantage and gain significant adoption, even if other banks decide to launch their own coins in competition.

Image via Ben Sutherland/Flickr

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • $70 Million Committed to Boba Network As Foundation Concludes BOBA Token Agreement With FTX Recovery Trust
    July 1, 2025
  • Limitless Raise $4 Million Strategic Funding, Launch Points Ahead of TGE
    July 1, 2025
  • Block3 Unveils Prompt-to-Game AI Engine As Presale Launches
    July 1, 2025
  • Hyra Network Honored As ‘Technology Startup of the Year’ at the 2025 Globee® Awards
    June 30, 2025
  • Shheikh.io Launches SHHEIKH Token Presale for Blockchain-Backed Real-World Asset Investments
    June 30, 2025
  • Pi Network Unveils AI-Powered App Studio and Ecosystem Staking Features on Pi2Day 2025
    June 30, 2025
  • DWF Ventures Report Reveals $76 Billion Crypto Treasury Investment by Public Companies
    June 27, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$105,705.32
$105,705.32
1.71%
Ethereum
$2,419.00
$2,419.00
3.28%
BNB
$646.99
$646.99
1.72%
Solana
$146.50
$146.50
6.47%
XRP
$2.17
$2.17
4.33%

Spotlight

  • Crypto Analyst Unveils ‘Biggest Area’ of Accumulation for Bitcoin, Says BTC Going Much Higher in Coming Years
    June 24, 2025
  • Bank of America, Netflix and Apple Customers Targeted by Widescale Google Search Scams: Report
    June 24, 2025
  • Here’s When the ‘Real Altseason’ Will Begin, According to Closely Followed Crypto Analyst
    June 24, 2025
  • Real Estate Mogul Grant Cardone Announces 1,000 Bitcoin Purchase for New BTC Treasury
    June 24, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl