JPM Coin is one of the few live blockchain applications initiated by a major bank.

JPM Coin, JPMorgan Chase & Co.’s (NYSE: JPM) digital token, is now facilitating $1 billion in daily transactions, as revealed by Global Head of Payments, Takis Georgakopoulos, in a Bloomberg interview. These transactions are primarily in US dollars, but the bank has plans for further expansion. JPM Coin operates on a private blockchain network, enabling wholesale clients to conduct dollar and euro-denominated payments. It stands out as one of the few live blockchain applications initiated by a major bank. However, it currently represents only a fraction of the massive $10 trillion in daily US dollar transactions handled by JPMorgan.

In addition to JPM Coin, the company also operates a blockchain-based repo application and is exploring the development of a digital deposit token to expedite cross-border settlements. Georgakopoulos mentioned the possibility of creating a more consumer-friendly version of this token to enhance efficiency for everyday retail consumers.

Blockchain proponents argue that it can offer instantaneous payments at a lower cost compared to existing technology. However, it’s important to note that digital ledgers have not yet been tested on the same scale as traditional payment networks.

Related Story: JPMorgan’s Digital Currency “JPM Coin” Is Live In Cross-Border Payments

Image credit: JP Morgan Onyx