JPMorgan’s Coin Handles $1B Worth of Daily Transactions

Published 26/10/2023, 09:23
JPMorgan’s Coin Handles $1B Worth of Daily Transactions

Coin Edition -

  • JPMorgan’s JPM Coin is involved in $1 billion worth of transactions on a daily basis.
  • The banking giant is reportedly looking forward to exploring the further potential of the JPM Coin.
  • The Global Head of Payments, Takis Georgakopoulos, commented on the bank’s plans for creating the token’s retail version.

According to a recent Bloomberg report, the financial services company JPMorgan Chase & Co.’s digital token, JPM Coin, has seen $1 billion worth of transactions on a daily basis. The financial institution asserted that the team is further probing into the coin’s wider exploration, planning to create a “retail version” of the JPM coin.

As per the report, JPMorgan has been committed to crypto and blockchain technologies and has run a blockchain-based repo application. Leveraging the digital token, JPMorgan stated that it looks forward to establishing the initiative at higher levels.

The JPM Coin is reportedly used by the bank to manage cross-border settlements and other payments. Bloomberg mentioned that blockchain enthusiasts envision the potential use cases of the coin that ensure seamless cross-bank transfers and maximum feasibility among customers.

The Global Head of Payments at JPMorgan, Takis Georgakopoulos, unveiled the company’s future plans to explore the potential of the JPM Coin. Narrating the vision for the retail version of the coin, he added that it could bring consumers the same efficiency of the coin.

The banking giant has framed the JPM Coin as a system to serve both a payment rail and deposit account ledger, with each coin backed by $1. The report elucidated that experts and enthusiasts believe that the token has the potential to offer immediate and instantaneous payments, overpowering the existing financial system at a lower charge.

It is noteworthy that the $1 billion transaction involving the JPM Coin occupied only a modest fraction of the $10 trillion in US dollar transactions that the bank handles daily. Being a private blockchain network, the bank claimed to promote payments in dollars and euros for wholesale clients.

The post JPMorgan’s Coin Handles $1B Worth of Daily Transactions appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.