JPM Launches First US Bank Cryptocurrency, One Year After Dimon Slammed Bitcoin As A "Fraud"
It seems like just yesterday that JP Morgan CEO Jamie Dimon bashed bitcoin as "a fraud" and warned it "won't end well" for investors (though he failed to mention that the bank had been buying bitcoin-linked ETNs traded on a Scandinavian exchange). But in a sign that banks are still seriously exploring applications for blockchain technology despite the blowup in the prices of crypto tokens, JPM announced that it would be rolling out the first cryptocurrency launched by a US bank, according to CNBC.
After banning the purchase of cryptocurrencies by its credit card customers last year, JPM said it will soon begin testing a stablecoin technology in its wholesale payments business now that its engineers have produced a finished product.
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