Goldman Sachs Hast Just Launched Their Own Cryptocurrency… JPMorgan Launches Crypto Strategy

Soon, you may be able to use cryptocurrency to pay for anything from your morning coffee to happy hour drinks (or, you know, maybe some things that aren’t a beverage). And you could do it as easily as you use your credit card or Venmo today.

Circle, a payment startup owned by Goldman Sachs, announced yesterday that it’s launching a new cryptocurrency called the Circle USD Coin. The new currency is basically a digital version of the dollar that you’ll be able to purchase by trading in, you know, real money.

JPMorgan launches crypto strategy months after Dimon ‘fraud’ warning
Wall Street giant asks London-based Oliver Harris to explore the potential of digital money at its corporate and investment bank

READ  Iron Dome in Action: Israel air defense system intercepts rockets launched from Gaza

JPMorgan chief executive Jamie Dimon might have softened his stance on bitcoin since calling it a “fraud” last year, but the banking giant has given its clearest signal yet that it is taking cryptocurrencies seriously.

The US bank has just moved Oliver Harris, the head of an in-house scheme to develop new financial technologies, into a role looking at the use of cryptocurrencies across its corporate and investment bank.

London-based Harris, who has been leading JPMorgan’s Fintech and In-Residence programme since 2015, moves at a time when large US investment banks are exploring the risks and rewards of digital monies and the distributed ledger — or blockchain — technologies that underpin them.

READ  Commies March For Mass Murderers on May Day - Their Chants will TERRIFY You

Daniel Pinto, co-president of JPMorgan, told CNBC on Wednesday that the Wall Street giant was now “looking into that space”. “Cryptocurrencies are real, but not in the current form,” he said.

JPMorgan’s big rival Goldman Sachs, meanwhile, recently recruited trader Justin Schmidt to work in a new division for trading cryptocurrency derivatives and, potentially, the assets themselves.



Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.