JPM Coin

JPM Coin is a dollar-backed cryptocurrency (stablecoin) from the bank JPMorgan Chase, announced in February 2019 as an institution-to-institution service.

JPM Coin is intended to serve as a value token on the Quorum consortium blockchain, using software (called "Quorum") also built by JPMorgan Chase, and is used to facilitate interbank payments on the Interbank Information Network (IIN).

As of October 2023, JPM Coin is used for approximately $1 billion of transactions each day.

In November of 2024, Onyx and the JPM Coin were rebranded by JPMorgan Kinexys and Kinexys Digital Payments.

References

  1. ↑ Lucas Mearian (February 14, 2019), "J.P. Morgan to launch a U.S. dollar-backed cryptocurrency", Computerworld, archived from the original on February 23, 2019, retrieved February 22, 2019
  2. ↑ Mary-Ann Russon (February 14, 2019), JP Morgan creates first US bank-backed crypto-currency, BBC
  3. ↑ Hugh Son (February 14, 2019), JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business, CNBC, [R]etail investors will probably never get to own a JPM Coin. Unlike bitcoin, only big institutional clients of J.P. Morgan that have undergone regulatory checks, like corporations, banks and broker-dealers can use the tokens.
  4. ↑ Anna Irrera (11 February 2020). "JPMorgan in talks to merge blockchain unit Quorum with startup ConsenSys". Reuters. Retrieved 12 February 2020.
  5. ↑ David Canellis (February 14, 2019), JP Morgan's new digital 'coin' is not a cryptocurrency, or even a stablecoin: JPM Coin is the ultimate bankcoin, The Next Web
  6. ↑ Ghosh, Suvashree (26 October 2023). "JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily". Bloomberg. Retrieved 7 December 2023.
  7. ↑ Sandor, Krisztian (6 November 2024). "JPMorgan Renames Blockchain Platform to Kinexys, to Add On-Chain FX Settlement for USD, EUR". Coindesk.