BTC$65 236.35


ETH$3 483.12




Binance Coin






JPMorgan's Cryptocurrency: a Real Deal?

18 Feb 2019

The announcement made by JPMorgan Chase, the leading investment bank in the United States, regarding the launch of its blockchain and cryptocurrency has sparked heated discussion in the global crypto community. Some even say that JPM Coin, the name of the bank’s digital currency, could become a harbinger of death for Ripple and similar projects.

The opinions of blockchain experts and enthusiasts have polarized: some admonish that the entrance of such an influential player from the traditional financial world, which possesses virtually unlimited monetary resources, would disrupt the balance in the crypto world. Others argue that JPM Coin could be perceived as proof that the financial whales had finally recognized blockchain as a viable technology.

Not really a path breaker

Interestingly, JPMorgan’s claim that they were the first American investment bank to develop and test a blockchain platform is not particularly accurate. There was another U.S. bank that had beaten them to the spot. On January 1, 2019, the Signature Bank, a mid-sized banking institution located in New York, announced that they would be carrying out all transaction of their business clients on the bank’s own blockchain platform called the Signet. The New York bank has already received approval from the New York State Department of Financial Services to execute peer-to-peer transactions between its commercial customers.

Both JPMorgan’s and Signature platforms have been developed on the basis of the Ethereum blockchain. The Quorum network, owned by JPM Chase, is a private permissioned blockchain which is primarily focused on data privacy. Signet is a proprietary blockchain developed jointly with trueDigital. The only significant difference between these two platforms, as Scott Shay, a chairman of Signature, has put it:

“We are actually out there doing this.”

That should come as a thorn in the side of the bank with unlimited financial capabilities since JPMorgan’s Umar Farooq assures that their blockchain is still a prototype in its testing phase. 

JPM Coin in a nutshell

According to the official explanation, published on bank’s website on February 14, JPM Coin is a digital currency that is pegged to the U.S. dollar’s official rate. This means that JPM Coin qualifies as a stable coin. The bank characterizes its digital token not as a monetary unit but rather as a mean for carrying out instantaneous domestic and international payments via blockchain. However, the universal implementation of JPM Coin is still theoretical. So far, the bank has conducted only one trial transaction to one of its institutional customers. The bank also emphasized that in the foreseeable future they intend to limit the scope of operations involving the blockchain only to be used for transactions between banks, brokers, and corporate customers.

Ironically, Jamie Dimon, the chairman and CEO of JPMorgan Chase, had been openly lambasting Bitcoin, calling it “worse than the tulip bulbs” (referring to the Tulip and Bulbs Craze of 1630s - author’s note) and threatening to “fire in a second any trader who was trading Bitcoin.”

Apparently, the attitude towards blockchain has changed dramatically at JPMorgan because now they claim that they have always rendered support to cryptocurrencies as long as they were “properly controlled and regulated.”

It remains to be seen whether JPM Coin could pose a severe threat to its potential rival, namely Ripple, which pioneered the development of blockchain-based remittance network.  


NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Is a forex hedging strategy effective?
Is a forex hedging strategy effective?
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Can ChatGPT trade better than humans?
Can ChatGPT trade better than humans?
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
How to Trade with ChatGPT. Tips and Tricks of AI Trading
How to Trade with ChatGPT. Tips and Tricks of AI Trading
Mastering stop loss for indices trading: 5 essential strategies
Mastering stop loss for indices trading: 5 essential strategies
Introducing Exness Team Pro - The voice of the markets
Introducing Exness Team Pro - The voice of the markets

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.8% 44 $65 236.35 3.83% 11.07% $1 286 904 144 589 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76.4% 50 $3 483.12 3.19% 12.82% $418 745 103 273 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000616 0.04% 0.05% $113 294 326 133 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 76% 43 $579.07 3.20% 11.00% $85 460 275 696 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 80.8% 36 $162.09 5.20% 12.68% $75 238 706 990 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 77.2% 41 $0.615935 14.09% 40.49% $34 372 438 638 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000157 0.03% 0.01% $33 991 611 940 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 88.4% 14 $7.27 -1.31% -1.07% $18 273 152 177 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70.8% 54 $0.125525 4.26% 14.92% $18 220 028 521 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 78.8% 37 $0.446359 3.82% 16.01% $16 018 056 181 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 74.8% 44 $0.134539 0.93% 3.58% $11 719 593 309 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.8% 36 $0.000019 3.17% 15.78% $11 356 605 188 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 78% 42 $28.72 6.68% 7.40% $11 336 759 087 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.