JPMorgan handles $1B transactions daily in digital token JPM Coin: Bloomberg
|US banking behemoth JPMorgan (JPM) now handles $1 billion worth of transactions in its digital token JPM Coin per day, Bloomberg reported on Thursday.
The Wall Street Bank has plans to widen the coin's usage, according to the report, citing an interview with the bank’s head of payments Takis Georgakopoulos.
JPM Coin is a settlement token that enables JPMorgan's institutional clients to make blockchain-based wholesale payments between accounts around the world.
From its inception in 2019, JPM Coin has been used to make payments denominated in dollars, with support for euros added in June.
“JPM Coin gets transacted on a daily basis mostly in U.S. dollars, but we again intend to continue to expand that,” Georgakopoulos said.
JPMorgan did not immediately respond to CoinDesk's request for further comment.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.