{"id":62800,"date":"2023-10-26T07:42:04","date_gmt":"2023-10-26T11:42:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62800"},"modified":"2023-10-26T07:42:07","modified_gmt":"2023-10-26T11:42:07","slug":"jpm-coin-processes-daily-transactions-worth-over-1b-exec","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/jpm-coin-processes-daily-transactions-worth-over-1b-exec\/","title":{"rendered":"JPM Coin Processes Daily Transactions Worth Over $1B &#8211; Exec"},"content":{"rendered":"\n<p>Takis Georgakopoulos, the global director of payments at <a href=\"https:\/\/coinscreed.com\/staging\/jpmorgan-reportedly-launches-tokenization-platform-tcn.html\" target=\"_blank\" rel=\"noreferrer noopener\">JPMorgan<\/a>, disclosed that the company handles daily transactions over $1 billion using its digital asset, JPM Coin.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"974\" height=\"607\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94.png\" alt=\"JPM Coin Processes Daily Transactions Worth Over $1B - Exec\" class=\"wp-image-62807\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94.png 974w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94-300x187.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94-768x479.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94-18x12.png 18w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94-750x467.png 750w\" sizes=\"(max-width: 974px) 100vw, 974px\" \/><figcaption class=\"wp-element-caption\">JPM Coin Processes Daily Transactions Worth Over $1B &#8211; Exec<\/figcaption><\/figure>\n\n\n\n<p>In an interview with Bloomberg TV on October 26, Georgakopoulos identified three significant inefficiencies of the current payment systems:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The speed of payments, particularly cross-border transactions.<\/li>\n\n\n\n<li>The separation of money and information makes tracking or reconciling transactions difficult.<\/li>\n\n\n\n<li>The fungibility of money.<\/li>\n<\/ul>\n\n\n\n<p>JPMorgan is attempting to address these three issues with its <a href=\"https:\/\/coinscreed.com\/staging\/dtcc-acquires-securrency-to-boost-digital-asset-services.html\" target=\"_blank\" rel=\"noreferrer noopener\">digital asset<\/a>, JPMorgan Coin, according to Georgakopoulos.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cToday, we move $1 billion every day through JPM Coin for a number of large companies.\u201c<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>According to the executive, the next stage would be to create a retail version of the asset. While central bank digital currency (CBDC) is one option, banks also have the opportunity to establish a blockchain-based digital version of deposits.&nbsp;<\/p>\n\n\n\n<p>JPM Coin is a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Stablecoin#:~:text=A%20stablecoin%20is%20a%20type,metals)%2C%20or%20another%20cryptocurrency.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">stablecoin <span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>collateralized 1:1 with the U.S. dollar. Initiated in 2020, its sole purpose is to serve as a transitory mechanism for real-time gross settlement between institutional clients of JPMorgan.<\/p>\n\n\n\n<p>JPMorgan reported in June 2023 that more than $300 million had been transacted using JPM Coin since its debut in 2020. The new data indicating that daily transactions exceed $1 billion represents a tremendous increase over the past four months. <\/p>\n\n\n\n<p>Introducing euro-denominated transactions through the JPM Coin system in June may explain this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Takis Georgakopoulos, the global director of payments at JPMorgan, disclosed that the company handles daily transactions over $1 billion using its digital asset, JPM Coin. In an interview with Bloomberg TV on October 26, Georgakopoulos identified three significant inefficiencies of the current payment systems: JPMorgan is attempting to address these three issues with its digital [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":62807,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[1058,16940,351],"class_list":["post-62800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-digital-asset","tag-jpm-coin","tag-jpmorgan"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/image-94.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62800"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62807"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}