Move over, Bitcoin.

JPMorgan Chase (JPM) will issue the first ever cryptocurrency by a U.S. bank, marking a significant change in tack for CEO Jamie Dimon, who once threatened to fire any employee he found trading bitcoin, reported Baccardax.

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The new digital currency will be redeemable for one U.S. dollar each, CNBC reported, and will be used to develop the bank's payments business over blockchain technology. Once the issued coins are spent through the payment system, they will be destroyed and redeemed for the same value as they were purchased, according to CNBC.

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