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JPMorgan to Use Digital Coin to Speed Up Corporate Payments

  • Bank says test was success in moving money from client to bank
  • ‘JPM Coin’ follows bank’s IIN blockchain effort to share data
Signage hangs outside the headquarters of JPMorgan Chase & Co. in New York,.

Signage hangs outside the headquarters of JPMorgan Chase & Co. in New York,.

Photographer: Jeremy Bales/Bloomberg 

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JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses.

The biggest U.S. bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralized public ledger of transactions that offers more speed because it doesn’t rely on a central record keeper.