In February 2019 JPMorgan Chase & Co. announced that it had created its own cryptocurrency, JPM Coin, a digital token created to improve payment settlements between JPMC clients. This product will not likely be available for retail investors, so it cannot be traded like bitcoin, or similar digital assets. CNBC reported at the time of the announcement that testing for this product would begin "in a few months" from the announcement. Based on this description, JPM Coins may work more similarly to stablecoins than to bitcoin. Another possibility is that they will function similar to XRP, the native digital token of the Ripple Network, which is used to settle large-volume payments between banks and other financial institutions across international borders.
In May 2019, Coindesk reported that Quorum, the blockchain upon which JPM Coin is based, had been getting significant technical overhauls for about six months. Some of the most notable updates were changes made to Quorum's architecture that formed its privacy functions. Oli Harris, the JPMorgan Quorum lead, Quorum is being developed to serve as a platform for developing open source software.
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