J.P. Morgan is reporting interest in the JPM Coin from its U.S., European and Japanese clients, Bloomberg writes. The bank is planning to start trialing the new token as soon as this year, having first publicly announced it had created a crypto-like coin in February.
JPM Coin will allegedly speed up securities trading considerably as it currently can take days to finalize a trade. Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, also said the coin could provide its clients with “instant” bonds delivery in exchange for cash. People will be able to buy the tokens in advance, storing them in their JPMorgan deposit account, will transfers being near-instant.
The token itself is pegged to U.S. dollar.
“We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized,” Farooq said.