JPMorgan is to launch a cryptocurrency that will be used to settle disputes between clients , despite president Jamie Dimon 's previous scathing lack of transparency . The JPM Coin could also create digital securities and be used as a broker , said Umar Farooq , blockchain chief at the US investment firm . The securities will reportedly have a face value of $ 100 per coin and will be exchangeable for cash . JPMorgan moves more than $ 6tn each day , according to estimates .
JPMorgan is to launch a cryptocurrency that will be used to settle payments between clients, despite CEO Jamie Dimon's previous scathing criticism of bitcoin. The JPM Coin could also create digital securities and be used as a stablecoin, said Umar Farooq, blockchain chief at the US investment firm. The cryptocurrency will reportedly have a face value of $1 per coin and will be exchangeable for cash. JPMorgan moves more than $6tn each day, according to estimates.