Blockchain

Banks Are Fast Foraying Into Crypto Space With Own Crypto Coins

The crypto world is no longer solely associated with cyber-attacks, dark-web purchases or scammers. In fact, the cryptocoins are fast becoming a part of the mainstream economy. One of the main reasons behind such developments is active participation by some of the most elite banks of the world in the crypto industry. Although, this participation is nur rund 5% as of now yet it’s going to witness a great rise in near future. The post below offers a brief on some of the famous banks who have already come up with own crypto coins.

  • JP Morgan (JPM Coin)

The JPM Coin was announced in the early quarter of 2019. Released by JP Morgan, this is a USD-backed cryptocoin which is aimed to facilitate instant payments through blockchain technology. The coin deploys Ethereum’s permissioned blockchain version called Quorum that serves as the DLT platform.

  • Mizuho (J Coin)

Mizuho is a merger of Japan Post Bank and Mizuho Financial Group. The esteemed consortium has received support from Japan’s financial and central regulator in the launch of its first ever crypto coin- J Coin. The new digital currency will be utilized as payment for goods. it would also be used for money transfer via smartphones.

  • MUFG (MUFG coin)

MUFG, the largest financial group of Japan, was one of the first banks to come up with their own crypto coin. When the concept of the coin was initially announced in 2016, it was referred to as “MUFG Coin”. But, since 2018, the name of the coin has been changed to “Coin”. As per MUFG, the coin will serve as a Nippon currency stablecoin and would be released for practical users from the final quarter of 2019. The coin will enable money withdrawal from bank account via smartphone app.  1 Coin is equivalent to 1 yen and can be used for purchases.