JPMorgan announced that it is registering transactions for $1 billion daily using its own currency, jpm coin. JPMorgan Global Head of Payments Takis Georgakopoulos added that while these movements are denominated in U.S. dollars mostly, the institution is seeking to expand on that in the future.
JPMorgan’s JPM Coin Sees $1 Billion in Movements Daily
JPMorgan has reported that jpm coin, the cryptocurrency created by the financial giant, is being used to settle $1 billion daily. According to statements from JPMorgan’s Global Head of Payments Takis Georgakopoulos, the bank plans to expand on jpm coin’s usage in the future, widening adoption.
In an recent interview with Bloomberg, Georgakopoulos stated:
JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that.
Jpm coin allows making transactions denominated in dollars and recently in euros using the Qorum blockchain, a distributed ledger created by the bank in 2016 and sold to the Ethereum software company Consensys in 2020.
Announced in 2019 by JPMorgan and beginning to be used commercially in 2020, jpm coin is one of the few blockchain applications being used by banks to reach this level of adoption, even if the amount pales in comparison to the $10 trillion transacted using JPMorgan’s traditional banking solutions, according to Bloomberg.
Blockchain Retail Adoption
Georgakopoulos hinted at a possible application of deposit tokens for retail purposes. Deposit tokens, which JPMorgan considers an evolution of stablecoins, represent a claim on a deposit at a regulated financial institution, like a bank.
Georgakopoulos detailed:
The 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.
JPMorgan announced its interest in deposit tokens in February, seeing promise in this tech and profiling it as another implementation for programmable money, explaining that such tokens “can become a strong foundation for digital money and an important part of a broader tokenized asset ecosystem.”
More recently, in September, sources stated the bank was developing a platform that would use deposit token technology to bring quick settlements and payments to its institutional customers. However, the institution would not offer these services until the project is revised and approved by U.S. regulators, and it would supposedly be ready for launch a year after this approval.
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