JPMorgan Sees Client Interest in JPM Coin for Bond Transactions
- Customers in the U.S., Europe and Japan see potential: Farooq
- Bank aims to start pilot testing as soon as this year
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JPMorgan Chase & Co. is seeing interest from clients in the U.S., Europe and Japan on the potential for its prototype digital coin to speed up trading of securities such as bonds.
JPM Coin could enable “instant” delivery of bonds on a blockchain platform, said Umar Farooq, head of digital treasury services and blockchain at the U.S. bank. “We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized,” he said in an interview in Tokyo.