Despite CEO Jamie Dimon's history of anti-bitcoin rhetoric, JPMorgan plans to pilot-test its own JPM Coin cryptocurrency later this year.
JPMorgan claims more of its clients in the United States, Europe, and Japan have been clamoring for its prototype cryptocurrency to accelerate securities trading such as bonds.
JPMorgan Tests 'Crypto' Amid Bitcoin Bull Market
Not surprisingly, this announcement comes just as the bitcoin price is soaring above $11,000 amid the beginnings of a potential crypto bull run.
Umar Farooq, the head of blockchain at JPMorgan, told Bloomberg that the JPM Coin could enable “instant” delivery of bonds on a blockchain. The JPM Coin operates on Quorum, an Ethereum-based blockchain platform JPMorgan developed with Microsoft.
“We believe that a lot of securities over time — in five to 20 years — will increasingly become digital or get tokenized."