JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily

JPMorgan Chase's digital token JPM Coin now handles $1 billion worth of transactions daily and the bank plans to continue widening its usage, Global Head of Payments Takis Georgakopoulos said. From a report: "JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that," Georgakopoulos said Thursday in an interview on Bloomberg Television. JPM Coin enables wholesale clients to make dollar and euro-denominated payments through a private blockchain network. It's one of the few examples of a live blockchain application by a large bank, but remains a small fraction of the $10 trillion in US dollar transactions moved by JPMorgan on a daily basis. The company also runs a blockchain-based repo application, and is exploring a digital deposit token to accelerate cross-border settlements.

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