On Monday, October 26, 2020, analysts of the US’s largest bank namely JPMorgan were found appreciating the Bitcoin. They said that the legendary coin’s mass adoption and popularity were inevitable. This is because it brought a unique concept coupled with the most compelling rewards.
Analysts of JPMorgan also said that when Bitcoin was launched, it was under US$ 10. But a few years later its prices had gone way beyond the imagination of mankind. They also commented that in the coming years Bitcoin’s value will triple.
However, soon after JPMorgan’s appreciation, another news emerged on the horizon. As per the news, JPMorgan has announced on October 28, 2020, that it will be launching its own cryptocurrency.
The news quickly spread like a wildfire all over the internet and took the entire crypto industry by surprise.
It was further told in the announcement that the Bank has already developed a dedicated unit for the cryptocurrency. The crypto unit has been established with the collaboration of JPMorgan Chase which too is a company involved in financial services.
JPMorgan Bank also revealed that it has successfully launched its very first cryptocurrency. JPMorgan has named the cryptocurrency “JPM Coin”. The cryptocurrency is now being tested commercially by a company attached with the tech-industry, told JPMorgan.
It has been told that JPMorgan Chase has established an entity “Onyx” wherein a hundred employees have already been hired. Onyx will be carrying out services where JPMorgan’s cryptocurrency will be put up for sale, purchase, and trading. The authenticity of the news was later on confirmed by CNBC. Onyx will be a dedicated unit for crypto services and will work under the supervision of JPMorgan Chase.
In the meanwhile, a few days back, the Global Markets Strategy group had mocked Bitcoin. Its experts deliberated co-related Bitcoin with Gold, which is a trading product of the traditional market. But the mockery couldn’t do much as later on PayPal announced that it will integrate Bitcoin in its mainstream system.
Takis Georgakopoulos of JPMorgan Bank also told that JPM Coins were recently transferred by a tech-company to various accounts. He also told us that other payments through JPM Coins are pending transactions that are going to take place soon.
However, the name of the tech company has not been disclosed by JPMorgan Bank.
JPMorgan Bank is the largest bank in US and carries out over US$ 6 trillion transactions on daily basis.