Recently, JPMorgan cryptocurrency has disappeared from the spotlight, as the focus shifted to the Facebook Libra project. However, at JPMorgan everything is going according to plan: at the end of this year, pilot testing of cryptocurrency is being prepared, reports Bloomberg. In addition, JPMorgan report an increase in demand for coins from customers in the US, Europe and Japan, as it will speed up trading in securities, such as bonds.
The head of the department of digital treasury services and blockchain JPMorgan Umar Farouk said that JPM Coin can provide “instant” delivery of bonds on the blockchain.
“We believe that over time, many securities will be digitized or tokenized,” he said.
In relation to deals with bonds, Farouk explained that JPM Coin will allow traders to instantly exchange securities for cash. To do this, the buyer must buy JPM Coin in advance and deposit them in his JPMorgan deposit account. Seller’s bonds will be presented in tokens, then computer programs complete the transaction on the blockchain.
According to Farouk, JPM Morgan will pilot test its future stable coin with several clients to see how much it speeds up transfers between them. If regulators approve, Farouk believes that a US bank can begin testing towards the end of the year.