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JPMorgan Handles $1B Transactions Daily In Digital Token JPM Coin: Bloomberg
JPMorgan has plans to widen the coin's usage the bank's head of payments Takis Georgakopoulos said in an interview
Updated Oct 26, 2023, 7:37 p.m. Published Oct 26, 2023, 10:15 a.m.
U.S. banking behemoth JPMorgan (JPM) now handles $1 billion worth of transactions in its digital token JPM Coin per day, Bloomberg reported on Thursday.
The wall street bank has plans to widen the coin's usage, according to the report, citing an interview with the bank’s head of payments Takis Georgakopoulos.
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JPM Coin is a settlement token that enables JPMorgan's institutional clients to make blockchain-based wholesale payments between accounts around the world.
From its inception in 2019, JPM Coin has been used to make payments denominated in dollars, with support for euros added in June.
“JPM Coin gets transacted on a daily basis mostly in U.S. dollars, but we again intend to continue to expand that,” Georgakopoulos said.
JPMorgan did not immediately respond to CoinDesk's request for further comment.
Read More: JPMorgan Debuts Tokenized BlackRock Shares as Collateral with Barclays
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