JPMorgan Chase digital currency JPM Coin is being used commercially

JPM Coin, the digital currency developed by JPMorgan Chase, is being used commercially by a “large technology client” engaged in cross-border payments, CNBC reported.

Why should we care?
JPM Coin, which first began testing in February of last year, is the fruit of an effort to build a digital currency on top of Quorum, an enterprise variant of the Ethereum blockchain developed by JPMorgan that was acquired by blockchain firm ConsenSys in August. The announcement comes as JPMorgan created a new business called Onyx to oversee its blockchain and digital currency efforts. In recent years, blockchain has been heralded by the industry for its transformative potential, but efforts have not yet seen many results. The effort by JPMorgan could boost the industry’s confidence in use of blockchain and digital currencies to strengthen the financial services system. The bank says it’s considering using blockchain to send digital checks, which could save banks 75% of the costs needed to send and process these payments.