JPMorgan to Use Digital Coin to Speed Up Corporate Payments (1)

JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses.

The biggest U.S. bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Feb. 14. The token, dubbed JPM Coin, is based on blockchain technology, a decentralized public ledger of transactions that offers more speed because it doesn’t rely on a central record keeper.

“Many of our clients move money in different ways and they’re looking for a more real-time way to move value around,” Umar Farooq, head of digital ...