The Central Bank of Bahrain (CBB) has successfully completed a test of JPMorgan’s JPM Coin.
First Tests for JPM Coin in the Region
Bahrain’s central bank revealed it is committed to improving the customer experience for secure and efficient payment services. To achieve its mission, the financial institution completed a test run of JPMorgan Chase’s JPM Coin. This is the first test of its kind for a US bank’s blockchain product in the Middle East region.
The trial involved two other entities: Manama-based ABC Bank and Alba Bahrain – the first aluminum smelter in the Middle East, more commonly known as Alba. The test allows ABC to initiate real-time payments to Alba using JPM Coin.
Bahrain’s central bank oversaw the trial and the results were labeled “promising”. Mr. Rasheed Al-Maraj – Governor of CBB – emphasized the success of the trial, and stated that the Kingdom will continue to use pioneering technologies to enhance the local financial network.
Working with Alba, Bank ABC and Onyx from JPMorgan, we aim to address and eliminate current inefficiencies in the traditional cross-border payments sector.
In turn, Sael Al Waary – Group Executive Vice President of ABC Bank – said participating in the trial marked the achievement of a “major milestone” for his company. He predicts that cryptocurrencies will play a “major role” in transforming digital economies in the future.
Ali Mousa – CEO of JPMorgan Bahrein – also commented on this issue:
JPMorgan subsidiary ONYX is committed to being at the forefront of building the next generation of clearing and settlement infrastructure… The completion of testing with Alba and Bank ABC will help inform further development of the company. JMP digital currency system for future use by our banking partners.
JPMorgan’s Crypto Products
While its CEO Jamie Dimon is one of the biggest critics of the digital asset industry, the aforementioned initiative is not the only crypto-related move the company has ever made. presently.
Last summer, the US bank allowed its wealth management clients to participate in six crypto funds. Four of the products come from Grayscale Investments including Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Classic Trust (ETCG), while Osprey Bitcoin Trust (OBC) is part of Osprey Funds.
The Ultimate Fund is a new bitcoin fund created by digital asset company NYDIG, designed for private banking customers only.