JPMorgan to use cryptocurrency for payments business

In this file photo taken on May 15, 2012 people walk past the JP Morgan Chase building on Park Avenue in New York. - JPMorgan Chase on February 14, 2019 unveiled a prototype for a digital coin system using blockchain, a first among major banks as disruption accelerates change in financial services. The system, called JPM Coin, which for now is only at the prototype stage and for business-to-business deals, would permit institutional clients to make instantaneous payments to other bank clients. - AFP

NEW YORK: JPMorgan Chase & Co plans to run trials using cryptocurrency for clients of its wholesale-payments business, CNBC reported.

Dubbed JPM Coin, the initial tests will involve only a tiny portion of payments at the start, according to CNBC. It’s based on blockchain technology, a decentralised public ledger of cryptocurrency transactions that’s seen as a way to track transactions without central record-keeping.