J.P. Morgan Chase plans to launch what is considered to be the first cryptocurrency backed by a major bank, a move that could legitimize blockchain as a vehicle for fiat cryptocurrencies.
JPM Coin, as the bank is calling its new cryptocoin, is considered fiat currency because it's backed by U.S. dollars in accounts designated at JPMorgan Chase N.A.
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One JPM Coin has the equivalent value of one U.S. dollar. Trials for the new cryptocoin are expected to begin in the next few months, according to a CNBC report.
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