JP Morgan, One of the largest asset manager, is processing over $1 billion in daily transactions via its blockchain based payment system using the JPM coin.
In a Bloomberg interview, JP Morgan’s global head of payments, Georgakopoulos, said that “Today we move $1 billion every day through JPM Coin for a number of large companies.”
While the figure only represents a tiny portion of company’s $10 trillion of daily volume via traditional payments processing, it shows that JPM Coin has gained significant traction within the past few months.
Georgakopoulos further said that the JPM Coin can also bring the same efficiency to retail customers but it has yet to be planned. It’s currently only available to JP Morgan’s wholesale and corporate clients.
JPM Coin is a blockchain based secured payment infrastructure that allows company’s business clients to transfer US dollars and euros. It operates 24/7 and enables a quick, reliable and efficient liquidity transfer option for large scale institutions.
Since JPM Coin’s launch in 2020, it processed nearly $300 billion until June while right now, it can process the same volume within a year with the current daily volume.