“Without mentioning Bitcoin or cryptocurrencies at all for that matter, Chase appears to be building a competing centralized network to Bitcoin. The application defines the problems that legacy banking has with online transactions and then provides a detailed explanation how Chase will address these problems with this new technology. The application states that Chase’s technology is a ‘new paradigm.’ Moreover that it permits the creation of ‘virtual cash’ (also referred to as ‘web cash’) with a ‘real-time digital exchange of value.’ Chase’s updated Internet Pay Anyone technology appears to come head to head with Bitcoin.”
http://letstalkbitcoin.com/jpmorgan-chase-building-bitcoin-killer/
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