JPMCOIN
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#JPMorganChase & Co. foresees its digital token, #JPMCOIN , handling $10 billion in daily transactions in the upcoming year. Umar Farooq, the bank's Global Head of Financial Institution Payments, shared this expectation during an interview at the Singapore FinTech Festival. Currently processing around $1 billion in daily transactions, mostly in US dollars, JPM Coin operates on a private #blockchain network, facilitating secure dollar and euro-denominated payments for institutional clients. The bank aims to expand the token's utility and is contemplating a retail version to bring similar efficiency to consumers. Despite the potential for blockchain technology to offer swift and cost-effective payments, questions regarding scalability in real-world applications persist.
Financial giant JPMorgan is developing a blockchain-based deposit token for cross-border transactions. The solution, which aims to speed up payments and settlements for corporate clients, is awaiting regulatory approval in the United States.
The deposit token differs from JPMorgan's existing JPM Coin, which allows corporate clients to transfer dollars and euros within the financial institution. The new deposit token will enable transactions with other banks and is suitable for various forms of settlements on a blockchain, including tokenized securities trades.
The deposit token shares some similarities with JPM Coin in terms of compliance, as its transactions will undergo know-your-customer and anti-fraud processes. In 2022, the token was piloted in a single transaction as part of Project Guardian, a cross-industry effort led by the Monetary Authority of Singapore.
JPMorgan has previously expressed support for deposit tokens, stating that they may offer more stability and reliability compared to stablecoins and central bank digital currencies. The bank's deposit token initiative not only expands its blockchain-based solutions but also increases competition for stablecoin issuers. PayPal, for example, recently launched its stablecoin (PYUSD) to facilitate faster settlements.
$PYUSD
#JPMORGAN #JPMCOIN
The deposit token differs from JPMorgan's existing JPM Coin, which allows corporate clients to transfer dollars and euros within the financial institution. The new deposit token will enable transactions with other banks and is suitable for various forms of settlements on a blockchain, including tokenized securities trades.
The deposit token shares some similarities with JPM Coin in terms of compliance, as its transactions will undergo know-your-customer and anti-fraud processes. In 2022, the token was piloted in a single transaction as part of Project Guardian, a cross-industry effort led by the Monetary Authority of Singapore.
JPMorgan has previously expressed support for deposit tokens, stating that they may offer more stability and reliability compared to stablecoins and central bank digital currencies. The bank's deposit token initiative not only expands its blockchain-based solutions but also increases competition for stablecoin issuers. PayPal, for example, recently launched its stablecoin (PYUSD) to facilitate faster settlements.
$PYUSD
#JPMORGAN #JPMCOIN
JPM Coin, the native token of financial giant JPMorgan, is set to be used in interbank transactions following the launched of a blockchain-powered banking settlement system called Partior, which was jointly launched by Standard Chartered, Temasek, DBS Bank, and JPMorgan.
#JPM #JPMCOIN #JPMorganCryptoAnalysis #cryptocurreny #CryptoNews🔒📰🚫
#JPM #JPMCOIN #JPMorganCryptoAnalysis #cryptocurreny #CryptoNews🔒📰🚫
