JPMorgan Chase CEO Jamie Dimon has mentioned that the company’s new cryptocurrency JPM Coin might have a consumer use one day, CNBC reported on February. 26.

During a question-and-answer session, Dimon reportedly expressed that “JP Morgan Coin might be internal, might be business, it might sooner or later be consumer.” The coin would supposedly find its use for retail payments.

United States banking giant JPMorgan Chase declared plans to launch its own cryptocurrency in a U.S. banking initial on February. 14, in an exceedingly bid to extend settlement potency, at first among 3 of its operations. JPM Coin can initially concentrate on international settlements by major companies, serving to speed up transactions that presently take each day or longer using extant options like SWIFT.

Following the announcement, JPM Coin has found each advocates and opponents within the cryptocurrency community. This week, Bill Barhydt, CEO of cryptocurrency wallet and investment app Abra, instructed that JPMorgan Chase misrepresented their new initiative, stating that it looks additional like “a ledger meant for settling trades” than a coin. Barhydt conjointly expressed that “if it really is a private blockchain and private coin, I’m guessing it’s an entire waste of your time.”

Ripple (XRP) CEO Brad Garlinghouse conjointly said that JPM Coin “misses the point” of cryptocurrency. Directly following the announcement, Garlinghouse responded on Twitter that “as foreseen, banks are ever-changing their statement on crypto. However this JPM  project misses the purpose — introducing a closed network nowadays is like launching AOL once Netscape’s IPO. 2 years later, and bank coins still aren’t the solution.”

In distinction, co-founder of Reddit Alexis Ohanian argued that the recent move by JPMorgan is simply another indication that there's real innovation happening since speculators have left the sector. whereas saying that the forthcoming release of JPM Coin may be a decent factor, Ohanian still noted that Dimon had antecedently known as major cryptocurrency Bitcoin (BTC) a scam.

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