The central bank of Bahrain or CBB has recently reported completing the first test run for JPM coin. The initiative is an extension of the US Bank JP Morgan blockchain and cryptocurrency initiative called Onyx. For the first phase of the trial, the two main participants were also from the Middle Eastern country.
The JPM token aims to make digital transactions possible between commercial enterprises. For the first trial, National Aluminum Smelter of Bahrain or Alba and Manama-based ABC Bank acted as participants. With the help of the JPM token, both commercial enterprises were able to perform real-time digital payments. JPM Coin project also issues a stablecoin pegged to the US currency.
The official memorandum of CBB on the briefing of JPM’s first test run marked it down as a successful transfer and was unique for the region. CBB officials declared that Bahrain plans to keep working and developing its financial technology to meet the expectations of its global clientele.
The report also added that the test run was a presentation of the Kingdom of Bahrain working on evolving its fintech sector and bringing high-quality services with top-notch customer support to join the blockchain revolution. The CBB has disclosed working on the JPM coin project a while back and also hinted at making progress on the Central bank digital currency project.
Several executives from CBB have come forward to show their endorsement and enthusiasm towards the massive success of JPM coin trials. Alba CEO Ali Al Baqali, and ABC Bank VP, Sael Al Waqary are among those who reiterated their commitment to making the project a raving success. Meanwhile, CBB governor Rasheed Al Maraj added that the organization plans on introducing more pioneering projects to expand upon the fintech of Bahrain.
JPMorgan Bahrain CEO, Ali Mousa claimed that the recent project is going to prove a strong base for next-gen settlement and clearing infrastructure. He also commented that he was excited to work alongside ABC Bank and Alba to expand upon JP Morgan’s clientele in the region.