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Stable-Coins Series: Heads-up on recent developments of JPM coin

The newly invented technology ‘Blockchain’ has been deployed by a wide range of industries. Precisely, for the investment banks, DLT (digital ledger technology) offers superior benefits by rendering specialized services. It could be utilized not only for recording transactions, but also (through the use of extended blockchain languages) to automate contracts, including such processes as execution, conveyance, payment, and escrow. This holds particular advantages in the case of extremely time-sensitive investments, or in markets such as commodities, where delivery may be contingent on multiple conditions.

Institutional clients seem to be showing their interests in the blockchain domain. Very evidently and recently, JPM also announced of its JPM coin. J.P. Morgan has also made its digital currency initiative in the name of ‘JPM’s Coin’, the reputed US-based IB firm divulged about its Ethereum-based stablecoin which is the extension of JPMorgan’s blockchain initiative, Quorum, an enterprise-level distributed ledger protocol forked from the Go Ethereum client.

The latest developments are from the CEO Jamie Dimon recently informed Yahoo Finance that "crypto companies want to eat our lunch.”The new features to their stablecoin seem to be essential and have been added owing to the crypto’s disruptive threat. 

As per the reports of Bloomberg, this project appears to be meant for and made available for the corporate clients. The privacy features concealing quantum of funds is going to be transferred as well as the sender.

While the underlying technology, a variant of Ethereum's Quorum network, would be utilized for internal application; adding settlement features to the blockchain-based Interbank Information Network (IIN) which initially established in collaboration with ANZ bank and the RBC back in 2017 for the purpose of improvising payment processing stuck due to compliance issues and technical glitches.

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July 2 15:00 UTC Released

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449.6 Stale

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