Among bulge bracket banks, JPMorgan is making a bigger push into payments technology as digital banking becomes a strategic priority.
Last year, JPMorgan CEO Jamie Dimon made headlines for calling bitcoin “a fraud.” But the performance of his bank, the largest by assets in the US, received less hoopla.
The kudos couldn't be any bigger: three of the world's largest banks have agreed to join the project for a digital currency, which UBS has been developing at its fintech laboratory Level 39 last year.
The project's focus is the so-called Utility Coin, first mentioned in an article by finews.ch in September of 2015.