JPM Coin by J.P. Morgan sees daily trading volume reach $1 billion, plans to expand applications
According to BNN Bloomberg, JPMorgan's payment token, JPM Coin, is processing up to $1 billion in transactions daily on its private blockchain, and the financial giant is now looking to expand its scope further.
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Institutional Era: JPM Coin Processes $1 Billion in Transactions
JPMorgan Chase has revealed that its digital token designed for wholesale clients, JPM Coin, now processes transactions worth $1 billion daily. The token not only facilitates transactions in US dollars but also allows customers to make payments in US dollars and euros on its private blockchain network.
"While JPM Coin primarily trades in dollars, we intend to expand its use," said Takis Georgakopoulos, JPMorgan's Global Head of Payments, in an interview with Bloomberg TV.
However, despite the $1 billion transaction volume of this digital token, it remains relatively small compared to JPMorgan's overall daily transactions of up to $10 trillion. Additionally, the bank operates a blockchain-based repo application and is exploring the development of digital deposit tokens to expedite cross-border transaction settlements.
Bank Issuing Stablecoin! JPMorgan Plans to Issue Digital Deposit Tokens, but Not for Trading Cryptocurrencies
Regarding the future of digital deposit tokens, Georgakopoulos stated, "We are considering how to develop a version more tailored to the retail market to bring its efficient transaction experience to the general public."
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