By
Tokoni Uti
January 15th, 2024
Unlike traditional banking transactions, which usually operate only during business hours, the platform executes transactions at any given time of the day.
JPM Coin, the blockchain-based payment platform developed by JPMorgan Chase (NYSE: JPM), has successfully reached an impressive milestone of processing $1 billion worth of transactions daily. The company’s Global Head of Payments, Takis Georgakopoulos, shared the news in an interview with Bloomberg Television, noting that most transactions are in US dollars.
According to the company’s website, the daily transaction milestone of $1 billion represents only a fraction of the bank’s $10 trillion transaction volume each day.
Expansion Plans and Milestones
Georgakopoulos also disclosed future expansion plans for the JPM Coin, noting that the JPMorgan company will continue to explore its usage. The move aligns with the bank’s commitment to establishing a secure and efficient customer platform.
The bank announced the launch of the Coin in February 2019 to enable the transfer of payments between institutional clients. The token is designed to be a stablecoin pegged to the US dollars and redeemable at a 1:1 ratio for fiat currencies held by JPMorgan.
For the first time since its launch, the platform can now handle a billion dollars in transactions daily. According to reports, the JPM Coin recorded a total of $300 billion in transactions as of June 2023.
The platform has also achieved a series of other milestones. Earlier this year, the New York investment bank rolled out euro-denominated transactions on the blockchain-based payment platform, allowing customers to transfer euros or dollars held with their JPMorgan accounts.
Unlike traditional banking transactions, which usually operate only during business hours, the platform executes transactions at any given time of the day.
Creating Retail Digital Deposit Tokens
In addition to the JPM Coin, the New York-based investment bank is also involved in other crypto-related projects. According to Bloomberg, the company currently runs a blockchain-based repo application.
Additionally, the company is actively exploring digital deposit tokens to accelerate cross-border settlements.
On digital deposit tokens, Georgakopoulos said the company plans to create a retail version of the JPM Coin to bring the same efficiency level to consumers.
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.”