Snapshot on Intricacies of Ethereum-Based JPM Coin

J.P. Morgan has made an official announcement about its digital currency initiative ‘JPM’s Coin’ and divulged about its digital coin payment.

This is Ethereum-based stable coin which is the extension of JPMorgan’s blockchain initiative, Quorum, an enterprise-level distributed ledger protocol forked from the Go Ethereum client.

The coin operates in three stages, namely, step 1, a J.P. Morgan client commits deposits to a designated account and receives an equivalent number of JPM Coins. In step 2, these JPM Coins are used for transactions over a blockchain network with other J.P. Morgan clients (e.g., money movement, payments in securities transactions). Finally, in step 3, holders of JPM Coins redeem them for USD at J.P. Morgan. The above flowchart runs us through diagrammatic representation as to how the process functions.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -74 levels (which is bearish), while hourly USD spot index was at -1 (neutral) while articulating (at 07:58 GMT).

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