Courtesy of Pam Martens
JPMorgan Chase has created its own digital coin called JPM Coin. The bank announced last October that the JPM Coin was being used commercially for the first time by “a large technology client to send payments around the world,” according to reporting at CNBC.
According to JPMorgan’s website, the JPM Coin currently represents just U.S. dollars but the bank anticipates that it “will be extended to other major currencies, subject to market demand.”
According to the trademark application for JPM Coin that was filed with the U.S. Patent and Trademark Office, the JPM Coin is defined as follows:
“Downloadable and recorded software for use in connection with transferring, managing and processing cryptocurrency, digital currency, virtual currency, and digital tokens based on blockchain technology.”
JPM Coin runs on the Quorum blockchain, a network the bank developed as a private version of the Ethereum network, whose native crypto currency is Ether. According to a press release issued last fall, JPMorgan Chase sold Quorum to ConsenSys on August 25, 2020. (It just so happens that the co-founder of the Ethereum network, Joe Lubin, is also the founder of ConsenSys.)
The same press release indicates that JPMorgan Chase made “a strategic investment” in ConsenSys, adding this:
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