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.
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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.

Recall that the SEC approved the first leveraged Bitcoin futures ETFs in the country on Friday. BlackRock and WisdomTree recently filed with the SEC to launch spot Bitcoin ETFs. JPMorgan has launched JPM Coin euro-denominated transactions.

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JPMorgan's JPM Coin Set to Debut in Interbank Transactions.

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