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- 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.
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