In 2017, Jamie Dimon, JPMorgan Chase’s chief executive, declared bitcoin a “fraud” and said any employee caught trading it would be fired for being “stupid.”
Maybe it’s not so stupid anymore.
The digital token, JPM Coin, will be tested “in a few months” as a way of instantly settling “a tiny fraction” of transactions between the corporate clients of its wholesale payments business. Each token will represent $1 in value.
Despite questioning bitcoin’s legitimacy, Mr. Dimon has said he recognizes the potential for the blockchain technology behind it and other cryptocurrencies to have a major role in the global financial system’s future. With the test announced Thursday, JPMorgan is clearly hoping to be ready for it.