Difference between revisions of "JPMorgan Chase & Co."

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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.<ref>{{cite web|url=https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html|name=JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business|org=CNBC|date=February 14, 2019}}</ref><ref>{{cite web|name=DealBook Briefing: JPMorgan Has Its Own Cryptocurrency|url=https://www.nytimes.com/2019/02/14/business/dealbook/jpmorgan-cryptocurrency.html|org=The New York Times|date=February 14, 2019}}</ref>
 
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.<ref>{{cite web|url=https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html|name=JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business|org=CNBC|date=February 14, 2019}}</ref><ref>{{cite web|name=DealBook Briefing: JPMorgan Has Its Own Cryptocurrency|url=https://www.nytimes.com/2019/02/14/business/dealbook/jpmorgan-cryptocurrency.html|org=The New York Times|date=February 14, 2019}}</ref>
  
In March 2019, Forbes reported that JPMorgan Chase was the only financial firm listed on the job-hunting site Indeed.com in the top ten companies posting jobs with "blockchain," "cryptocurrency," or "bitcoin" over the past year. According to the Forbes story, the main competing firms were [[IBM]], Cisco, [http://www.marketswiki.com/wiki/Accenture Accenture], EY, [http://www.marketswiki.com/wiki/KPMG_LLP KPMG], Microsoft, [[ConsenSys]], Conduent, and [http://www.marketswiki.com/wiki/Deloitte Deloitte].<ref>{{cite web|url=https://www.forbes.com/sites/michaeldelcastillo/2019/03/28/jpmorgan-is-hiring-more-blockchain-jobs-than-any-other-wall-street-firm/#15f3366668c8|name=JPMorgan Is Hiring For More Blockchain Jobs Than Any Other Wall Street Firm|org=Forbes|date=March 29, 2019}}</ref>
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In March 2019, Forbes reported that JPMorgan Chase was the only financial firm listed on the job-hunting site Indeed.com in the top ten companies posting jobs with "blockchain," "cryptocurrency," or "bitcoin" over the past year. According to the Forbes story, the main competing firms were [[IBM]], Cisco, [http://www.marketswiki.com/wiki/Accenture Accenture], EY, [http://www.marketswiki.com/wiki/KPMG_LLP KPMG], Microsoft, [[ConsenSys]], Conduent, and [http://www.marketswiki.com/wiki/Deloitte Deloitte].<ref>{{cite web|url=https://www.forbes.com/sites/michaeldelcastillo/2019/03/28/jpmorgan-is-hiring-more-blockchain-jobs-than-any-other-wall-street-firm/#15f3366668c8|name=JPMorgan Is Hiring For More Blockchain Jobs Than Any Other Wall Street Firm|org=Forbes|date=March 29, 2019}}</ref>  
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In April 2019, JPMorgan head of global clearing John Hunter said that the bank was "looking at the ability to do more at the point of settlement" with blockchain technology, specifically with the Interbank Information Network (IIN), a blockchain-based digital payments platform set up in partnership with the Australian bank ANZ bank and the Royal Bank of Canada in 2017.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-expanding-blockchain-project-with-220-banks-to-include-payments?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic|name=JPMorgan Expanding Blockchain Project With 220 Banks to Include Payments|org=Coindesk|date=April 22, 2019}}</ref>
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=== Quorum ===
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JPMorgan developed Quorum, a private blockchain written in [[Ethereum]] Go (Ethereun's programming language]] which doesn't run on the Ethereum blockchain, was presented by JPMorgan at the annual Sibos conference in 2016. The platform was built in conjunction with [[EthLab]] and was made open source.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-ethereum-blockchain-quorum|name=JP Morgan is Quietly Developing a Private Ethereum Blockchain|org=CoinDesk|date=May 28, 2019}}</ref> In April 2018, the bank disclosed that it had run a successful debt issuance experiment using Quorum with National Bank of Canada. Other participants in the experiment were Goldman Sachs Asset Management, Pfizer Inc and Legg Mason Inc’s  Western Asset as well as other investors in debt instrument.<ref>{{cite web|url=https://www.reuters.com/article/us-jpmorgan-blockchain/jpmorgan-national-bank-of-canada-others-test-debt-issuance-on-blockchain-idUSKBN1HR0CM|name=JPMorgan, National Bank of Canada, others test debt issuance on blockchain|org=Reuters|date=May 28, 2019}}</ref>
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Quorum is distinguished by several features including network and peer permissions management, enhanced transaction and contract privacy, voting-based consensus mechanisms, and higher transaction-processing performance.<ref>{{cite web|url=https://blockchainatberkeley.blog/introduction-to-quorum-blockchain-for-the-financial-sector-58813f84e88c|name=Introduction to Quorum: Blockchain for the Financial Sector|org=Blockchain at Berkeley|date=May 28, 2019}}</ref> JPMorgan told Coindesk in May 2019 that it had developed an extension to a fully decentralized, cryptographic protocol for confidential payments that is is likely to use it with Quorum.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-adds-new-privacy-features-to-its-ethereum-based-quorum-blockchain|name=JPMorgan Adds Privacy Features to Ethereum-Based Quorum Blockchain|org=CoinDesk|date=May 28, 2019}}</ref> 
  
In April 2019, JPMorgan head of global clearing John Hunter said that the bank was "looking at the ability to do more at the point of settlement" with blockchain technology, specifically with the Interbank Information Network (IIN), a blockchain-based digital payments platform set up in partnership with the Australian bank ANZ bank and the Royal Bank of Canada in 2017.<ref>{{cite web|url=https://www.coindesk.com/jpmorgan-expanding-blockchain-project-with-220-banks-to-include-payments?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic|name=JPMorgan Expanding Blockchain Project With 220 Banks to Include Payments|org=Coindesk|date=April 22, 2019}}</ref>
 
  
 
== Full page on MarketsWiki ==
 
== Full page on MarketsWiki ==

Revision as of 09:02, 28 May 2019


JPMorgan Chase & Co.
Jpmclogo.jpg
Founded 2004 as JPMorgan Chase & Co. (Original 1799, See main page on MarketsWiki)
Headquarters Corp HQ - New York City; Retail financial services - Chicago, IL
Key People James Dimon, Chairman and CEO
Employees 10,000 +
Products Financial services
Twitter @Chase
LinkedIn Profile
Facebook jpmorganchase
Website JPMorgan Chase & Co. Homepage

JPMorgan Chase & Co. is a global financial services firm that focuses on investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.[1] The common stock is also listed on the London and Tokyo stock exchanges.

Cryptocurrency and Blockchain

James Dimon, the chairman and CEO of the company, once famously called bitcoin a "fraud", but that blockchain technology held promise.

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.[2][3]

In March 2019, Forbes reported that JPMorgan Chase was the only financial firm listed on the job-hunting site Indeed.com in the top ten companies posting jobs with "blockchain," "cryptocurrency," or "bitcoin" over the past year. According to the Forbes story, the main competing firms were IBM, Cisco, Accenture, EY, KPMG, Microsoft, ConsenSys, Conduent, and Deloitte.[4]

In April 2019, JPMorgan head of global clearing John Hunter said that the bank was "looking at the ability to do more at the point of settlement" with blockchain technology, specifically with the Interbank Information Network (IIN), a blockchain-based digital payments platform set up in partnership with the Australian bank ANZ bank and the Royal Bank of Canada in 2017.[5]

Quorum

JPMorgan developed Quorum, a private blockchain written in Ethereum Go (Ethereun's programming language]] which doesn't run on the Ethereum blockchain, was presented by JPMorgan at the annual Sibos conference in 2016. The platform was built in conjunction with EthLab and was made open source.[6] In April 2018, the bank disclosed that it had run a successful debt issuance experiment using Quorum with National Bank of Canada. Other participants in the experiment were Goldman Sachs Asset Management, Pfizer Inc and Legg Mason Inc’s Western Asset as well as other investors in debt instrument.[7]

Quorum is distinguished by several features including network and peer permissions management, enhanced transaction and contract privacy, voting-based consensus mechanisms, and higher transaction-processing performance.[8] JPMorgan told Coindesk in May 2019 that it had developed an extension to a fully decentralized, cryptographic protocol for confidential payments that is is likely to use it with Quorum.[9]


Full page on MarketsWiki

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References