Jim Cramer on Why JPMorgan's Cryptocurrency Is a Good Thing

JPMorgan is going to be issuing the first cryptocurrency from a bank, here's what Jim Cramer thinks about the push into crypto.
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Move over, Bitcoin.

JPMorgan Chase (JPM) - Get Report 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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