JPMorgan handles $1B transactions daily in digital token JPM Coin: Bloomberg

CoinDesk Analysis Team CoinDesk

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.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

Dash Price Forecast: DASH defies headwinds, paces toward $100

Dash extends its rally, reaching an intraday high of $96.85 despite the broader crypto market correcting. Retail interest in DASH explodes as futures Open Interest soars to $165 million.

XRP slides below 50-day EMA as selling pressure intensifies

Ripple is edging lower toward the pivotal $2.00 level at the time of writing on Friday, marking three consecutive days of declines. The sell-off extends across the crypto market, with Bitcoin falling toward $95,000 and Ethereum pressing down on support at $3,300.