JPMorgan's Daily Transactions of $1 Billion with Digital Token JPM Coin: Bloomberg Report
A recent Bloomberg report has revealed that JPMorgan, one of the United States' leading banking giants, is currently processing a daily volume of transactions valued at $1 billion through its proprietary digital token, JPM Coin. In an interview, the head of payments at the bank, Takis Georgakopoulos, discussed the institution's plans for extending the utility of this digital currency.
JPM Coin serves as a settlement token, enabling JPMorgan's institutional clientele to execute blockchain-based wholesale transactions globally. Since its introduction in 2019, the primary use of JPM Coin has been for transactions denominated in U.S. dollars. Nevertheless, as of June, the bank has expanded its capabilities to encompass transactions denominated in euros.
Georgakopoulos emphasized the ongoing utility of JPM Coin, stating, "JPM Coin gets transacted on a daily basis mostly in U.S. dollars, but we again intend to continue to expand that." Regrettably, JPMorgan has not provided further details in response to inquiries from Bitsday.
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