Yes, its announcement had considerable comedy value. Umar Farooq, head of digital treasury services and blockchain at JPMorgan, must have struggled to keep a straight face while asserting “we have always believed in the potential of blockchain technology and we are supportive of cryptocurrencies,” given his boss’s previous dismissal of Bitcoin as a fraud.
But make no mistake. JPM Coin, the token representing US dollars created by the largest bank in the US to enable instantaneous transfer of value between client accounts across its own Quorum blockchain platform, is a big deal.
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