[JPM Coin’s daily transaction volume reaches US$1 billion, and banking giants aim at cross-border settlement]
JPMorgan Chase & Co.’s JPM Coin digital token is currently processing $1 billion in transactions per day, said Takis Geogakopoulos, global head of the company’s payments arm. In an interview with Bloomberg TV, he said that JPM Coin is currently traded every day, mainly in US dollars. He also highlighted the bank's desire to expand its use.
The banking giant’s digital token offers wholesale customers a safe and efficient way to make payments denominated in U.S. dollars and euros over a private blockchain network. While $1 billion in daily trading volume is a significant achievement, it's still just a fraction of the $10 trillion in U.S. dollar trades JPMorgan handles every day.
The company has also developed a blockchain-based repo application, further demonstrating its determination to explore innovative financial solutions. JPMorgan is actively exploring the potential of blockchain deposit tokens in payments and settlements. The deposit token promises to enable seamless cross-bank money transfers, providing efficiency and convenience to consumers and institutions.
