Digital Assets: JPMorgan’s JPM Coin Now Processes $1B In Daily Transaction Volume
![https://dailyalts.com/wp-content/uploads/2023/10/liink-build-graphic-scaled.jpg https://dailyalts.com/wp-content/uploads/2023/10/liink-build-graphic-scaled.jpg](https://dailyaltslive.wpenginepowered.com/wp-content/uploads/2023/10/liink-build-graphic-1024x696.jpg)
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
![Shape Shape](https://dailyaltslive.wpenginepowered.com/wp-content/uploads/2019/08/shape.png)
Latest Alternative Investment News
![https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg](https://dailyaltslive.wpenginepowered.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6-wpv_300x300_center_center.jpg)
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
![https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg](https://dailyaltslive.wpenginepowered.com/wp-content/uploads/2023/12/RHCEU-Inline-wpv_300x300_center_center.jpg)
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
![https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png](https://dailyaltslive.wpenginepowered.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1-wpv_300x300_center_center.png)
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
![https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg](https://dailyaltslive.wpenginepowered.com/wp-content/uploads/2023/12/Revaia-founders-wpv_300x300_center_center.jpg)
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…