For what purposes do bank create their cryptocurrency

[Khezo]

Already at least several commercial banks have created their own cryptocurrencies. Some investment funds invest part of their assets in selected cryptocurrencies. Recently, the investment bank JP Morgan has created its own cryptocurrency JPM Coin. Cryptocurrency JPM Coin will be used to settle initially a small part of the transaction, which JP Morgan performs on a daily basis for a total of about USD 6 billion.

Thanks to JPM Coin, settlements between business partners should take place immediately, ie much faster than the current standards of transfers. However, apart from accelerating the time of the transaction, what are the other goals for banks to introduce their own cryptocurrencies?

Could investment banks create a new type of collateral for transactions in the event of a possible strong loss of the USD dollar in the event of another global financial crisis connected with the currency crisis? Such a risk exists if the problem of growing public debt in the US is not resolved and banks in China cease to buy US Treasury bonds.

Do you agree with my opinion on this matter?

In view of the above, I am asking you the following question:
For what purpose do banks create their own cryptocurrencies

 

[Wisdom01]

I think they do that because they actually know they are gaining network fee when people do teansaction on the coin network , so there would always be a way and thing that would make them move into crypto currency , because most sees it as a threat

 

[marcusfe]

Most commercial banks are always on the look out for every business opportunities. Even before the invention of cryptocurrency, banks always invest in forex trading, making some massive profits but now that cryptocurrency is around and even more lucrative than forex sometimes. I will say that what banks use the cryptocurrency for is trading and investment purpose.

 

[greatguy1]

Already at least several commercial banks have created their own cryptocurrencies. Some investment funds invest part of their assets in selected cryptocurrencies. Recently, the investment bank JP Morgan has created its own cryptocurrency JPM Coin. Cryptocurrency JPM Coin will be used to settle initially a small part of the transaction, which JP Morgan performs on a daily basis for a total of about USD 6 billion.

Thanks to JPM Coin, settlements between business partners should take place immediately, ie much faster than the current standards of transfers. However, apart from accelerating the time of the transaction, what are the other goals for banks to introduce their own cryptocurrencies?

Could investment banks create a new type of collateral for transactions in the event of a possible strong loss of the USD dollar in the event of another global financial crisis connected with the currency crisis? Such a risk exists if the problem of growing public debt in the US is not resolved and banks in China cease to buy US Treasury bonds.

Do you agree with my opinion on this matter?

In view of the above, I am asking you the following question:
For what purpose do banks create their own cryptocurrencies

Crypto coins will exist as another means of cash exchange within or intra banks. The coin will be another financial instrument with which transactions can be made. They can also be exchanged for cash or any form of bank instruments needed

 

[Wisdom01]

Most commercial banks are always on the look out for every business opportunities. Even before the invention of cryptocurrency, banks always invest in forex trading, making some massive profits but now that cryptocurrency is around and even more lucrative than forex sometimes. I will say that what banks use the cryptocurrency for is trading and investment purpose.

Yeah but if they make use of it ,while would they know consider it as a threat because that is really what is happening in my country and its really causing big issues i think , because many people are actually not liking it as banks are not accepting the use of crypto currency i think

 

[Georgeadawara]

The aspects of banking today has come to the world of crypto currency that banks to day were profiting in crypto currency of not for Nigerian government that band The use of crypto currency in the country. The only way is that the bank are ready to per take on crypto currency but due to the present stuition in the country Nigeria are badly affect

 

[Haypril]

At all time, a business has to function as it should be because the primary assignment for establishing (profit oriented) is to make profit, lots of profit. As a business owner there's need to update and upgrade in other to keep the continuity and increase in profit. It is only wise for any business owners to key into the new currency.

 

[marcusfe]

At all time, a business has to function as it should be because the primary assignment for establishing (profit oriented) is to make profit, lots of profit. As a business owner there's need to update and upgrade in other to keep the continuity and increase in profit. It is only wise for any business owners to key into the new currency.

One of the major reason commercial banks create their cryptocurrency is for investment purpose. Banks are always on the look out for every business opportunity. When they create their cryptocurrency, their a lot of people that will invest in it which will make them realize very huge profit on the long run.

 

[Olajidey]

Very soon if there is no regulation in this cryptocurrency world I feel every organisation will just create their coin and it will also serve as a means where people are being scammed because the white paper will be promising and you will invest in the coin hugely the next thing you will see is that they have dumped the coin on your head.

 

[Samuel72]

According to my own point of view I believe the purpose why bank create their own cryptocurrency is because they want to be up in form so as to work in line which cryptocurrency, the found the idea of cryptocurrency and now they are trying to formulate their own system so as to cover up the other cryptocurrency