When a dark era appears to be draining the digital currencies followed by a muffled momentum in the marketplaces and deduction of current digital currencies’ market valuation below $110 billion from $800 billion a year earlier, the JPMorgan Chase & Co.
seems to be rekindling the hopes of digital currencies, as the largest lenders in US, alongside the six largest financial organization in the world said on Thursday, the 14th of February that they had been planning to launch their own digital coins, which would be called as “JPM Coin” and the customers would be able to use it for instant transactions through a blockchain network.
On Thursday (February the 14th), the JP Morgan Chase & Co. said the customers that depending on the deposited amount at the bank, the customers would be issued cryptocurrencies, and the customers would be able to utilize the JP Morgan cryptos for transactions through a blockchain network with other clients of JPMorgan.
Apart from that, the largest lender of the United States also stated that the coin could be redeemed for US dollar and in that way, the value of their cryptos would remain stable.
Regarding the launch of much-debated digital currencies, the JPMorgan’s Head of digital treasury services and blockchain, Umar Farooq said, “As a globally regulated bank, we believe we have a unique opportunity to develop the capability in a responsible way with the oversight of our regulators.