JPMorgan Chase Announces JPM Coin, Becomes First Big US Bank With Own Cryptocurrency

J.P. Morgan Chase CEO Jamie Dimon called bitcoin a fraud in September 2017 and said, 'You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.' By January 2018 he had walked the remarks back but said he still was 'not interested that much in the subject at all.' In February 2018, J.P. Morgan called cryptocurrencies 'risk factors' to its business, something it never previously said. And now J.P. Morgan has become the first U.S. bank to offer its own cryptocurrency. From a report: But don't expect it to become an investment vehicle -- at least for now. The cryptocurrency, called 'JPM Coin,' is intended for the bank's wholesale payments business that moves $6 trillion around the world daily. As long-time former banker and now cryptocurrency industry figure Alan Silbert said of Dimon in a January 2018 tweet, 'Backpedaling is the first step in the program towards walking the path.'

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