JPM Coin Processes Transactions Daily In Amount Of $1 Billion, Bank Giant Is Aimed At Cross-Border Settlements
The JPMorgan Chase & Co., JPM Coin digital token, is currently processing daily transactions in the amount of $1 billion, said the global head of the payments department Takis GEORGAKOPOULOS. He said in an interview with Bloomberg Television that transactions with JPM Coin are currently held daily, mainly in US dollars. He also emphasized the desire of the bank to expand its use.
The banking giant’s digital token offers a secure and efficient way for wholesale clients to engage in dollar and euro-denominated payments through a private blockchain network. While the billion-dollar daily transaction volume is a substantial achievement, it remains a modest fraction of the enormous $10 trillion in US dollar transactions that JPMorgan handles daily.
The company has also ventured into a blockchain-based repo application, further demonstrating its commitment to exploring innovative financial solutions. J.P. Morgan is actively exploring the potential of a blockchain-based deposit token for payments and settlements. The deposit token is envisioned to enable seamless cross-bank money transfers, promising efficiency and convenience for consumers and institutions alike.
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