JPMorgan, as disclosed by their global head of payments, Takis Georgakopoulos, moves a daily sum of $1 billion through the JPM Coin. This blockchain-based system operates within the bank for transferring value and is permissioned, meaning it’s restricted to authorized users.
JPMorgan’s global head of payments, Takis Georgakopoulos, disclosed that the JPM Coin payment system handles a substantial daily volume. He stated, “Today we move $1 billion every day through JPM Coin for a number of large companies.” While this amount is a small portion of the massive $10 trillion in daily payments processed by JPMorgan through its traditional platforms, it’s a notable achievement. It highlights the significant progress made by JPM Coin in recent months.
Back in June, it was reported that JPMorgan had processed over $300 billion in transactions using JPM Coin since its launch in 2020. At the current pace of $1 billion in daily transactions, the bank is on track to reach that milestone within the next year.
Initially, JPM Coin exclusively supported U.S. dollars, but it expanded its offerings to include euros in June of this year.
“JPM Coin’s Retail Expansion Plans and Benefits”
Currently, the retail version of JPM Coin is not available. It exclusively caters to JPMorgan’s wholesale and corporate clients for transactions. However, there are plans to broaden the system’s accessibility to retail consumers. According to Georgakopoulos, “The next step in [JPM Coin] 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.”
JPM Coin is a blockchain-based payment system with restricted access, primarily serving the bank’s wholesale clients for U.S. dollar and euro transfers. Operating around the clock, it speeds up transactions, allowing clients to initiate payments just before they are due and enhancing liquidity management.
In addition to JPM Coin’s intra-bank value transfer system, the bank is also engaged in a project called Partior, aimed at establishing an inter-bank settlement and clearing system. Launched in 2021 by JPMorgan, DBS, and Temasek Holdings, Partior seeks to improve cross-border payments. In the previous year, Standard Chartered joined as a founding shareholder in Partior after making an undisclosed investment.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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