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IBM Executive: Two Major US Banks Considers Follow JP Morgan to Issue Digital Currency

Abstract : IBM blockchain vice president said two other banks ”reached out to us after” JP Morgan’s announcement. He digital currency “new revenue opportunity for banks”.

ChainDD
ChainDD

Mar 19

March 19 (ChainDD) On March 18 EST, Jesse Lund, IBM blockchain vice president told Bloomberg that at least two major US banks are considering whether to follow JP Morgan Chase to issue a digital currency. Instead of specifying which banks they are, Lund said two other banks ”reached out to us after” JP Morgan’s announcement.

On the same day, IBM announced the launch of its cross-border payments network backed by Stellar blockchain, covering 72 countries and 47 currencies. And six banks have already intended to issue stablecoins on that network.

Lund said digital currency can be used to settle transactions of clients between different banks, and banks can use loans in forms of digital currency to earn interests and charge transaction fees. He called digital currency “new revenue opportunity for banks”.

According to ChainDD’s previous news, JP Morgan announced it will launch JPM Coin, a digital coin that has the value equivalent to US dollar holdings at the bank. Unlike normal US dollar-pegged stablcoins, JPM Coin only serves regulatory checked large institution clients instead of individual investors, furthermore, it is only used for payment and unavailable to investment at least this stage. Therefore, some people in crypto space question whether it’s a cryptocurrency in essence.

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