JP Morgan created the JPM Coin which is an asset based on blockchain and backed by the US bank. It is a permission asset which requires KYC of JP Morgan. The equivalent of one JPM coin is one U.S. dollar. The JP Morgan website states that over time, JPM coin will be extended to other major currencies and that the product and technology capabilities are currency agnostic.
When a client transfers money to another via blockchain, JPM coins are sent and at the same time recovered for the equal amount of U.S. dollars. This also reduces the settlement time typically present.
It is surprising that JP Morgan had come up with this idea since he is known for making the famous remark, “Bitcoin is actually a fraud that will ultimately blow up.” These coins will be issued on the Quorum Blockchain and also be issued on various other platforms eventually.