JPMorgan Coin Payment System Does $1B In Daily Transactions, A Huge Jump From Four Months Ago

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Zinger Key Points
  • JPMorgan Chase’s digital token now boasts of $1 billion in daily transactions.
  • The bank now looks to explore how it can offer a more retail version of the digital deposit token.

JPMorgan Chase & Co JPM digital token JPMorgan Coin handles $1 billion worth of transactions daily and intends to continue widening its usage, Bloomberg reported, citing JPMorgan Chase & Co. Global Head of Payments Takis Georgakopoulos.

He added the token trades mostly in U.S. dollars daily. In June 2023, the bank launched euro-denominated transactions through the JPMorgan Coin. 

Read Next: JP Morgan, Mastercard Launch Pay-By-Bank Solution In The US; Verizon To Pilot Program In The Coming Months

Since its launch in the year 2020, JPMorgan Coin has completed $300 million in transactions as of June 2023, reported CoinTelegraph.

Find out more about JPM and its initiatives in the crypto space. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!  

JPMorgan Coin allows wholesale clients to make dollar and euro-denominated payments through a private blockchain network. Despite accounting for a small portion of the huge number of U.S. dollar transactions JPMorgan carries out, the digital asset token is an offering by a major bank on a live blockchain application.

The banking giant also runs a blockchain-based repo application and is seeking to explore a digital deposit token for enhancing cross-border settlements. Georgakopoulos adds, “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.”

Read Next: US Banking Titans JPMorgan Chase, Wells Fargo And Citigroup Lose $84.5 Billion In Deposits Amid Global Uncertainties

Benzinga’s Future of Digital Assets conference is scheduled in New York on Nov.14. Attend and learn more coin payments enabling smoother functioning for users. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Photo: Shutterstock

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