New York, USA – October 31, 2023: JPMorgan Chase’s JPM Coin, a digital token designed to facilitate payments between wholesale clients, is now processing $1 billion worth of daily transactions, according to the bank’s global head of payments, Takis Georgakopoulos. 1
In an interview with Bloomberg Television on Thursday, Georgakopoulos said that the bank is “ramping up” the service and plans to continue widening its usage. JPM Coin can be used to make dollar and euro-denominated payments through a private blockchain network, and Georgakopoulos said that the bank is “seeing a lot of traction” for the service, particularly in cross-border payments.
The $1 billion daily transaction volume is a significant milestone for JPM Coin, which was launched in 2019. It is a sign that the bank’s clients are increasingly using the token to make payments, and it suggests that JPM Coin is becoming a more viable alternative to traditional payment methods.
The growth of JPM Coin is also a sign of the growing interest in digital tokens and blockchain technology among large financial institutions. JPMorgan Chase is one of the largest banks in the world, and its embrace of JPM Coin suggests that other banks are likely to follow suit.
Experts said that the growth of JPM Coin could also have implications for the cryptocurrency industry as a whole. If JPM Coin becomes a major payment network, it could help legitimize cryptocurrencies and blockchain technology.
- Bloomberg: https://www.bloomberg.com/news/articles/2023-10-26/jpmorgan-says-jpm-coin-now-handles-1-billion-transactions-daily#xj4y7vzkg[↩]
