Going crypto: JPMorgan to use digital coin to speed up corporate payments

JPMorgan Chase & Co. is turning to crypto to modernize one of its most central businesses.

The biggest US bank said it developed a prototype digital coin that it plans to use to speed up payments between corporate customers, according to a statement Thursday. The token, dubbed JPM Coin, is based on blockchain technology, a decentralized public ledger of transactions that offers more speed because it doesn’t rely on a central record keeper.