JPMorgan Chase & Co JPM digital token JPMorgan Coin handles $1 billion worth of transactions daily and intends to continue widening its usage, Bloomberg reported, citing JPMorgan Chase & Co. Global Head of Payments Takis Georgakopoulos.
He added the token trades mostly in U.S. dollars daily. In June 2023, the bank launched euro-denominated transactions through the JPMorgan Coin.
Since its launch in the year 2020, JPMorgan Coin has completed $300 million in transactions as of June 2023, reported CoinTelegraph.
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JPMorgan Coin allows wholesale clients to make dollar and euro-denominated payments through a private blockchain network. Despite accounting for a small portion of the huge number of U.S. dollar transactions JPMorgan carries out, the digital asset token is an offering by a major bank on a live blockchain application.
The banking giant also runs a blockchain-based repo application and is seeking to explore a digital deposit token for enhancing cross-border settlements. Georgakopoulos adds, “Next step in that journey is to think about how you can create a more retail version of that, so that you can bring that same efficiency to consumers.”
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