Bahrain’s Central Bank has summarized the JPM cryptocurrency test, which enabled Bank ABC to deploy live payment for Aluminium Bahrain (ALBA) token.
Very recently, the Central Bank of Bahrain (CBB) concluded its test for the JPM—JPMorgan’s coin. The JPM coin is a cryptocurrency token created to facilitate payments via blockchain technology.
First Deployment of JPM Cryptocurrency
In an attempt to enhance the customer experience for safe and effective settlement services, the CBB decided to take new steps. Thus, the bank performed a test run of the JPM cryptocurrency to fulfill this. This inter-border test intersects with the United States bank’s blockchain technology.
The test included two other significant firms: the Bank ABC, located in Manama, and Aluminum Bahrain. Aluminum Bahrain is the first Aluminum Smelter in the entire Middle East and is even more famous than the Alba. The trial enables Bank ABC to facilitate live payments to Aluminum Bahrain via the JPM cryptocurrency.
CBB’s Involvement In Payment Trial
The Central Bank of Bahrain supervised the trial project, and its result was observed to be favorable for both parties. Also, the Governor of Bahrain’s Central Bank-Mr. Rasheed Al-Maraj-explained the success of the test. He also informed that the Kingdom would keep using innovative technologies to enhance the local finance distribution.
In his statement, he expressed that, by collaborating with Bank ABC, Alba, JPMorgan’s Onyx, the company hopes to eradicate the ineffectiveness of legacy inter-border transactions.
Vice President Of Bank ABC Responds About Transaction
Also, the Group Executive VP of Bank APC-Mr. Sael Al Waary-observed that is partaking in the project marked an achievement for his company. He’d, before, predicted that cryptocurrencies would play a vital role in changing digital economies in times to come.
CEO of JPMorgan Bahrain Comments On Trial
The CEO of JPMorgan, Ali Mousa, also commented on the project. He’d stated that JPMorgan Bahrain, a subsidiary of JPMorgan Onyx, is focused on spearheading the development of the future generation. This generation in concern is the generation of clearing and settlement substructures.
He’d also expressed that test-running with Bank ABC and Alba will aid in the improvement of the JPM cryptocurrency systems for forthcoming use by banking partners.
JPMorgan’s Cryptocurrency Offerings
Although the company’s CO, Jamie Dimon, is a major cryptocurrency critic globally, the above move isn’t the only crypto-based initiative the company has partaken in.
During the summer of last year, the bank enabled its wealth management customers to participate in six crypto funding. Out of the six, four emanate from Grayscale Investments.
Related Reading | Total Value Locked In Ethereum 2.0 Hits $30 Billion Milestone
These products include Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG). Asides from that, Osprey Bitcoin Trust (OBTC) is included in Osprey Fund.
Featured Image From ABC News