JPMorgan Chase announced a JPM Coin to allow for interbank payments on a closed network using their Quorum technology; the move is in direct competition to Swift and Ripple as the bank looks to become the leader in interbank payments; the coin will be worth one dollar back by the bank; there are over 150 banks already on the JPMorgan Interbank Information Network and this move could help to bolster that group; the move is also likely to have other banks trying to the same strategy that will lead to a whole host of coins being created; smaller banks will most likely have to make a choice of which larger bank to work with because they are unable to build their own blockchain network; blockchain adoption by financial institutions will also get a big boost from this news. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.