The crypto ideology is already embraced by one of the major top banks in the world which is JP Morgan Chase. The revolutionize platform of crypto is to place the economy into the hands of an unbiased, and decentralized network of nodes and take down the permissioned, private networks of governments and central banks.
JPM Coin
JP Morgan first announces in 2019 the launching of the first U.S. bank to create and successfully test a digital coin representing a fiat currency. Its prime purpose will be similar to a "stable coin", just like USDT. But this has a twist, on a business-to-business (B2B) basis rather than a peer-to-peer basis. Large corporations will deposit fiat currency at JP Morgan in exchange for JPM tokens which could be exchanged in their secure blockchain.
The institution designs the coin as a mode of payment for the transaction and being exchange in the permissioned blockchain. If they decide to withdraw the token then they should exchange it first into real money and get it from the bank.
Quorum Inhouse Blockchain for JPM Coin
Wagering the coins storage is also interesting to live in a blockchain protocol similar to the open-source Ethereum network. Why? because JP Morgan based their in-house blockchain, Quorum, directly on the Ethereum network. It uses a similar-like programming system, network structure, and protocols of Ethereum. They have partnered as well with Microsoft's Azure service and can now be tagged as the pioneering blockchain developer within the banking sector.
Though the coin is only for a prototype that will be tested on their client such as large corporation and not available for retailers. Improvements on the project are still ongoing and could be updated in the near future if this could become a success.
Innovation for Crypto
Seeing how this multi-billion dollar bank shifted to make its own digital currency, money is an old idea. How we see cryptocurrencies nowadays makes a redefining change in the financial and banking aspect. Right now Bitcoin is at the top of the chain for highly traded cryptocurrencies. Solutions like this being created by JP Morgan can be a huge impact on the fiat market and can boost trust as well to the private individual client in the safekeeping of their assets.
