Bitcoin Bank Acceptance Spotlight: JP Morgan Chase
JP Morgan, the fifth-largest bank in the world by assets, has had a long history of sparring with Bitcoin, highlighted by some under-informed comments CEO Jamie Dimon made about Bitcoin for CNBC in January 2014. Over time, the US-based bank has seemed to have better educated themselves — but not before the flight of Blythe Masters, their pro-blockchain....
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A possible cryptocurrency scam is using JPMorgan & Chase's branding - and the bank isn't happy about it. In a message posted to its Chinese-language website, JPMorgan disavowed any relationship with the so-called "JPMCoin" or "Morgan Dollars", a virtual currency currently being pitched via Chinese social media platforms. The bank said in the statement: "JPM Coin is not a product of JPMorgan Chase nor of any of its affiliates in China or elsewhere. JPMorgan Chase has not authorised any virtual currency (of this type or similar in any way). JPMorgan Chase has not authorized references to....
Via his Twitter account, co-founder and CEO of Compass Mining, a company that offers Bitcoin mining host services and hardware, Whit Gibbs reported that U.S. bank JP Morgan Chase closed their accounts. At the time of writing, the financial institution hasn’t provided a reason that justifies the decision. Following the incident with Chase bank, Gibbs […]
American multinational banking and financial services holding company JP Morgan Chase & Co. has announced the launch of its own version of a mobile payment system, Chase Pay, which will allow users to pay major retailers and merchants in the U.S, including the country’s largest retailers Walmart and Best Buy. As a rival platform, the bank’s mobile payment network is set to challenge Apple Pay in various strategies. For example, since its launch a year ago, Apple Pay failed to convince major retailers including Walmart and Best Buy to accept payments through its technology. In fact,....
JP Morgan is taking more profound steps in blockchain technology in recent development. This new generation bank now uses blockchain in maintaining its collateral statements. According to the report, JPMorgan Chase & Co has completed its pilot transaction on a blockchain. The use of blockchain technology and its application is widely spreading to different sectors […]
Jamie Dimon, chairman and president of JP Morgan Chase, says his bank can learn from disruptive payment systems like bitcoin. Dimon, famously dismissive of the digital currency, made the comments in his annual letter to JP Morgan shareholders, noting: "You all have read about bitcoin, merchants building their own networks, PayPal and PayPal look-alikes. Payments are a critical business for us - and we are quite good at it. But there is much for us to learn in terms of real-time systems, better encryption techniques and a reduction of costs and 'pain points' for customers." The letter,....