Standard

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<ul class="list-ic vertical">
 <li>1 <a>JPM Coin of prominent bank JPMorgan achieved the milestone of $1 Billion in transactions daily.&nbsp;</a></li>
 <li>2 <a>The bank focuses on bolstering the transactions with JPM Coin.&nbsp;</a></li>
</ul>
In a recent revelation, JPMorgan’s global head of payments, Takis Georgakopoulos, disclosed that the financial giant processes a substantial daily volume through its JPM Coin payment system.&nbsp;
During an interview with Bloomberg, Georgakopoulos stated that JPM Coin has been moving a remarkable $1 Billion each day for several large companies. While this amount represents only a fraction of the staggering $10 Trillion in payments handled daily through JPMorgan’s traditional platforms. It underscores the significant progress that JPM Coin has made in recent months.
Since its launch in 2020, JPM Coin has been gaining traction steadily. JPMorgan reported that the payment system had processed transactions of over $300 Billion in June. It highlighted its growing influence in the financial industry.&nbsp;
The prominent multinational bank is well on its way to reaching this milestone within the coming year at the current pace of $1 Billion per day.&nbsp;
Initially, JPM Coin exclusively supported U.S. dollars but expanded its offerings to include Euros in June of this year. The expansion aligns with the bank’s strategy to diversify and broaden the scope of the payment system.
It’s important to note that JPM Coin’s retail version is not available at this time. The system is exclusively accessible to the bank’s wholesale and corporate clients. However, JPMorgan has ambitious plans to extend the system’s reach to retail consumers in the future.&nbsp;
Georgakopoulos emphasized that the next step in the journey of JPM Coin is to think about a way to create a retail version of it. This way it can bring that same efficiency to consumers.
JPM Coin operates as a permissioned blockchain-based payment system. It enables wholesale clients to carry out transactions in both U.S. dollars and Euros. Its key advantages include its 24/7 availability, allowing for faster and more flexible transactions. Clients can initiate payments just before they are due, enhancing liquidity management and optimizing their financial operations.
While JPM Coin primarily serves as an intra-bank value transfer system, <a href="https://www.thecoinrepublic.com/2023/10/21/jp-morgan-raises-concern-for-financial-control-on-ethereum/" target="_blank" rel="noopener noreferrer nofollow">JPMorgan</a> is also actively involved in an inter-bank settlement and clearing system known as Partior. Established in 2021 by JPMorgan, DBS, and Temasek Holdings, Partior aims to revolutionize cross-border payments.&nbsp;
Notably, last year, Standard Chartered became a founding shareholder in Partior, having made a significant undisclosed investment in the project.
As JPM Coin continues to make substantial strides in the financial sector, its growing transaction volumes and expansion into new currencies underscore the bank’s commitment to innovation and efficiency in payment processing.&nbsp;
Additionally, JPMorgan’s involvement in the Partior project signifies a broader commitment to improving cross-border payment systems, promising further advancements in the field of global finance.

JPMorgan’s JPM Coin Payment System Processes $1 Billion Daily

Thecoinrepublic.com

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