The largest bank in the US is heavily promoting the use of blockchain technology to facilitate payments.
Whether it's blockchain projects, Metaverse, or artificial intelligence, JPMorgan is one of the pioneers of new technologies in the financial sector. It's the first Wall Street giant to issue its own cryptocurrency, with the digital token JPM Coin already being used to process $1 billion worth of transactions daily.
JPMorgan's global head of payments, Takis Georgakopoulos, gave an overview of the current state of JPM Coin in an interview with «Bloomberg Television,» where he explained the bank has ramped up the service and plans to continue expanding it. «JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that,» he said.
Increasing Usage
The token's transaction volume pales compared to the nearly $10 trillion in payments the bank processes daily. But JPM Coin's use and purposes are steadily increasing.
In June, it introduced euro payments for corporate customers using JPM Coin, with German industrial conglomerate Siemens processing the first euro payment through the platform. Now, large bank customers can use the token to process payments in dollars and euros through a private blockchain network.
JPM Coin Never Sleeps
JPM Coin's main advantage is that it works around the clock, so payments aren't tied to business hours like traditional transactions. The bank also operates a blockchain-based repo application and is researching a deposit token to speed up cross-border settlements.
