JPMorgan's JPM Coin plans retail expansion as it secures $1 billion in daily transactions

cyptouser1 months agoCryptocurrencies News62

JPMorgan’s JPM Coin is enjoying high adoption, with its daily transaction volume hitting $1 billion, Bloomberg reported on Oct. 26.

This surge was disclosed by Takis Georgakopoulos, the bank’s Global Head of Payments, who expressed the institution’s intentions to expand its use to retail customers.

JPM Coin is a blockchain-powered payment digital asset that allows JPMorgan’s institutional clients to transfer U.S. dollars and Euros around the clock. The asset has processed around $300 billion in transactions since 2020, underscoring the growing level of adoption it has enjoyed since its launch.

However, its use remains restricted to JPMorgan’s institutional customers who use it to transfer US Dollars held on deposit with the bank, facilitating the movement of liquidity funding and payments. “JPM Coin gets transacted on a daily basis mostly in US dollars,”  Georgakopoulos said.

Despite its early success, JPM Coin’s volume remains a fraction of the banking giant’s daily $10 trillion transactions.

Retail use

Georgakopoulos revealed plans to extend its utility by developing a retail version of the coin.

Georgakopoulos emphasized that the “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.”

With the JPM Coin’s daily transactions currently at $1 billion, there’s potential for significant growth in the near future, especially if the bank enables retail access.

JPMorgan is one of the traditional financial institutions embracing blockchain technology for payment processing. The bank has developed several blockchain-based products, including a digital deposit token and a blockchain-driven collateral settlement platform.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Visa expands USDC settlements to Solana blockchain in partnership with WorldPay, Nuvei

Payment giant Visa has broadened its USD Coin (USDC) settlement capacities to the Solana (SOL) block...

BlackRock leverages JPMorgan's new blockchain tools for instant collateral settlement with Barclay's

BlackRock used tokenized shares from one of its money market funds as collateral in a derivatives tr...

Hong Kong police investigate $15.4 million scam on Hounax trading platform

The Hong Kong Police have initiated an inquiry into Hounax, a cryptocurrency trading platform, follo...

Japanese banking giant Nomura launches ETH fund via crypto unit Laser Digital

Japan’s largest investment bank, Nomura Holdings, is launching an Ethereum-based fund for inst...

MATIC falls 5% as Polygon Labs activates next-gen POL token on Ethereum mainnet

Polygon Labs has deployed the contract for its new POL token on the Ethereum (ETH) mainnet.POL is po...

Bitdeer grows Bitcoin production by 195% YoY with a 35% September increase in BTC mined

Singapore-based Bitdeer Technologies Group revealed a notable surge in mined Bitcoins in September 2...