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