What is the JPM Coin (JPM)?

In 2019, JP Morgan launched the JPM Coin, a digital token representing fiat currencies (i.e., where 1 coin equals $1) using blockchain technology to transfer payments between institutional clients. The coin runs on the Quorum blockchain and is currently available to specific big institutional investors and clients with approval from JP Morgan.

Is JPM Coin still a stablecoin?

JPM Coin was still part of the company's plans for the future as of February 2020. JPM Coin is a proposed stablecoin that JPMorgan plans to redeem for U.S. dollars on a 1:1 basis. When it launches, JPM Coin will only be available to large institutional clients of JP Morgan, not individual users.

Who is leveraging JPM Coin in 2023?

On the June 23, 2023, Siemens AG, a renowned engineering and manufacturing company based in Germany, was the first entity to leverage JPM Coin for euro-denominated payments, as confirmed by Basak Toprak, who heads J.P. Morgan’s Coin Systems for the Europe, Middle East, and Africa regions. How Does It Work?

Can you buy JPM Coin on a digital asset exchange?

JPM Coin runs on a privately commissioned blockchain and is only available to a few institutional clients at the multi-national bank. Therefore, buying JPM Coin on a digital asset exchange is impossible as you usually would for blockchain-based digital currencies, such as bitcoin or Ethereum.