NEW YORK—JPMorgan Chase has launched a new cryptocurrency called JPM Coin it said is designed to assist with cross-border payments.
The firm said it already has a client for the service, and an unnamed technology firm working on a large scale deployment, FXcompared reported.
JPMorgan Chase also said it has created a new arm of its business—Onyx—to manage the new service.
Takis Georgakopoulos, who serves as the global head of wholesale payments at JPMorgan Chase, said the move was based on a perception that cryptocurrency was about to experience a period of commercial development.