U.S. banking giant JPMorgan (JPM) handles $1 billion worth of transactions in JP Coin, its blockchain-based settlement token, according to a Bloomberg TV interview with the firm’s head of payments Takis Georgakopoulos.
JP Coin allows JPMorgan to offer clients faster, 24/7 payments that can help a company quickly manage its liquidity. For the crypto industry, the participation of traditional finance players is often seen as a stamp of legitimacy.
Created in 2019, JP Coin allows the bank’s institutional clients to make blockchain-backed payments to accounts around the world.
The transactions are denominated primarily in the U.S dollar, said Georgakopoulos, though the euro is also available. JPMorgan only offers JP Coin for wholesale or corporate transactions, though the bank plans to expand to retail clients.
“The next step in [JPM Coin] 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,” Georgakopoulos said.
