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When J.P. Morgan announced it had created its own cryptocurrency last week, the bank left the industry speculating about what the move might mean for the blockchain-based payments and for the broader future of banking.
JPM Coin, as it’s called, isn’t a traditional cryptocurrency—instead of being something to invest in—it’s more of a tool for settling transactions between financial institutions and across countries with a digital coin pegged to the U.S. dollar.
The bank said it’s already successfully tested JPM Coin, making it the first bank to make its own digital coin.
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