David Attlee13 hours agoJPM Coin handles over $1B in daily transactions — JPMorgan execThe volume represents a massive surge since the latest update in June, with the company saying that $300 million was transacted in the three years since JPM Coin’s launch.1302 Total views18 Total sharesListen to article 0:00NewsJoin us on social networksTakis Georgakopoulos, the global head of payments at JPMorgan, has revealed that the company processes over $1 billion in daily transactions through its digital asset, JPM Coin.

Speaking during an interview with Bloomberg TV on Oct.26, Georgakopoulos named three major inefficiencies of the current payment systems: the speed of the payments, especially cross-border transactions; the separate movement of money and information, which makes it hard to track or reconcile transactions; and the fungibility of money. JPMorgan is trying to solve these three issues with its digital asset, JPMorgan Coin, Georgakopoulos said, adding:“Today, we move $1 billion every day through JPM Coin for a number of large companies.“

According to the executive, the next step would be to create a retail version of the asset. While central bank digital currency (CBDC) is one way to do it, there’s also an opportunity for banks to create a digitalized version of deposits using blockchain. 

Related:First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx

JPM Coin is a stablecoin pegged to the United States dollar at a 1:1 collateralization ratio. Launched in 2020, its only aim is to serve as a temporary vehicle for real-time gross settlement between JPMorgan’s institutional clients.

In June 2023, JPMorgan reported that more than $300 million was transacted via JPM Coin since its 2020 launch. The new data, reporting daily transactions exceeding $1 billion, is a massive surge in four months. This may be explained by the launch of euro-denominated transactions through the JPM Coin system in June.

Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine:Ethereum restaking: Blockchain innovation or dangerous house of cards?# Adoption# CBDC# JPMorgan ChaseAdd reactionAdd reactionRead moreBlockchain improves charity transparency — But is it right for everyone?Blockchain companies are creating AI chatbots to help developersCBDC will improve tax collection — Argentine central banker