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JPMorgan is creating its own cryptocurrency


JPMorgan Chase, the nation’s largest bank, is launching its own cryptocurrency.Dubbed JPM Coin, the cryptocurrency has a fixed value redeemable for one US dolllar. It won’t trade freely like bitcoin and many other cryptocurrencies.JPMorgan believes JPM Coin can help lower its clients’ costs and risks, by making money transfers instantaneous and by reducing the amount of capital they need to hold onto.

JPMorgan moves trillions of dollars around the world every day on behalf of customers. JPM Coin is designed to be used, at least initially, by major institutional customers, not individuals, although JPMorgan expects to roll it out to a broader range of customers later this year.