{"id":181476,"date":"2023-10-26T16:36:03","date_gmt":"2023-10-26T11:06:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=181476"},"modified":"2023-10-26T16:36:03","modified_gmt":"2023-10-26T11:06:03","slug":"jpm-coin-handles-over-1b-in-daily-transactions-jpmorgan-exec-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/jpm-coin-handles-over-1b-in-daily-transactions-jpmorgan-exec-crypto-news\/","title":{"rendered":"JPM Coin handles over $1B in daily transactions \u2014 JPMorgan exec &#8211; Crypto News"},"content":{"rendered":"<div data-v-3d3be88a=\"\">\n<p>Takis Georgakopoulos, the global head of payments at JPMorgan, has\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-10-26\/jpmorgan-s-georgakopoulos-on-global-payments-strategy-video\">revealed<\/a> that the company processes over $1 billion in daily transactions through its digital asset, JPM Coin.<\/p>\n<p>Speaking during an interview with Bloomberg TV on Oct.26, Georgakopoulos named three major inefficiencies of the current payment systems: the speed of the payments, especially cross-border transactions; the separate movement of money and information, which makes it hard to track or reconcile transactions; and the fungibility of money. JPMorgan is trying to solve these three issues with its digital asset, JPMorgan Coin, Georgakopoulos said, adding:<\/p>\n<blockquote><p>\u201cToday, we move $1 billion every day through JPM Coin for a number of large companies.\u201c<\/p><\/blockquote>\n<p>According to the executive, the next step would be to create a retail version of the asset. While central bank digital currency (CBDC) is one way to do it, there\u2019s also an opportunity for banks to create a digitalized version of deposits using blockchain.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/first-abu-dhabi-bank-completes-cross-border-payments-testing-jpmorgan-onyx\"><strong><em>First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx<\/em><\/strong><\/a><\/p>\n<p>JPM Coin is a stablecoin pegged to the United States dollar at a 1:1 collateralization ratio. Launched in 2020, its only aim is to serve as a temporary vehicle for real-time gross settlement between JPMorgan\u2019s institutional clients.<\/p>\n<p>In June 2023, JPMorgan reported that more than $300 million was transacted via JPM Coin since its 2020 launch. The new data, reporting daily transactions exceeding $1 billion, is a massive surge in four months. This may be explained by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-23\/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros?utm_content=crypto&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter\">launch<\/a> of euro-denominated transactions through the JPM Coin system in June. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/ethereum-restaking-blockchain-dangerous\/\"><strong><em>Ethereum restaking: Blockchain innovation or dangerous house of cards?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Takis Georgakopoulos, the global head of payments at JPMorgan, has\u00a0revealed that the company processes over $1 billion in daily transactions through its digital asset, JPM Coin. Speaking during an interview with Bloomberg TV on Oct.26, Georgakopoulos named three major inefficiencies of the current payment systems: the speed of the payments, especially cross-border transactions; the separate [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":181477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-181476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=181476"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181476\/revisions"}],"predecessor-version":[{"id":181479,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181476\/revisions\/181479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/181477"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=181476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=181476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=181476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}