Stay Up-To-Date With The Register

J.P. Morgan, Cryptocurrency, & The Future of the Financial Industry

Cryptocurrency and blockchain technology have been the two hottest topics in the financial industry over the past several years. And, while the various features of blockchain have begun transforming industries and domains around the world, financial institutions have been slow to embrace the technology.

According to a PwC report, only 24% of financial executives from all around the world are very familiar with blockchain technology. Financial institutions and leaders, including J.P. Morgan Chase & Co.’s Chairman and CEO, Jamie Dimon, have bashed bitcoin and other cryptocurrency methods.

However, it seems like the leader of the nation’s largest bank is embracing the potential impact blockchain technology can have on the industry as a whole.

JPM Coin—The First Cryptocurrency Created by A Major U.S. Bank

A few weeks ago, J.P. Morgan became the first major United States bank to introduce its own digital token for real-world use—JPM Coin. The announcement is the latest step in Wall Street’s evolving approach to the blockchain technology that underpins cryptocurrencies and other digital assets.

While the coin won’t be offered to individuals yet, it will have a fixed value redeemable for one U.S. dollar. In trials set to start in a few months, J.P. Morgan will begin using JPM Coin for a portion of the corporate transactions the bank manages in its massive wholesale payments business.

J.P. Morgan believes JPM Coin can help lower its clients’ costs and risks by making money transfers instantaneous. It’s also a valuable way for the bank itself to reduce the amount of capital they need to hold onto. J.P. Morgan moves trillions of dollars around the world every day on behalf of customers.

What Does This Mean for the Future of Cryptocurrency?

With the announcement of its coin, J.P. Morgan has established its commitment for moving to make the idea of digital currencies more palatable to its typically risk-averse corporate customers.

“Asset-backed digital securities will change the world over the next decade,” explained Tillman Holloway, one of The Register’s founders and principals. It’s only a matter of time before more banks move to the blockchain as a way for preparing for a future in which parts of the essential underpinning of global capitalism, from cross-border payments to corporate debt issuance.

The Register: Embracing Cryptocurrency for Modern Business Professionals

In addition to being able to make purchases with cryptocurrency, The Register’s unique environment is intentionally created to help business professionals to network, learn, and explore this new world being built on the blockchain.

“J.P. Morgan’s announcement indicates that blockchain-based opportunities are being explored and acted on at the highest levels of global commerce,” explained Barron Solomon, founder and principal of The Register. “In the next decade, being able to understand this technology will open doors for business professionals that can’t be understated.”

The Register is proud to be leading the charge for the acceptance of and education around blockchain-based assets. Memberships are limited—contact us to learn about membership opportunities.

Back to Knowledge Base