The firm said it began working last year on what became JPM Coin to help its big customers, including major corporations and other banks, move money quickly and securely. (JPMorgan says it provides banking services for about 80 percent of Fortune 500 companies.) Essentially, when customers want to move dollars using the bank’s blockchain system, money in their JPMorgan accounts will be converted into JPM Coins, each one backed by a dollar in JPMorgan’s accounts. The token will be able to move nearly instantaneously on the coin’s ledger, which will initially be based on JPMorgan’s Quorum blockchain. With international transfers, changes in currency exchange rates during the long lag times could end up adding to customers’ costs.

Source: New York Times February 14, 2019 19:41 UTC