JPM Coin News: JPM Coin Set to Transform Interbank Transactions
Source: Bitcoin news
JPM Coin, the blockchain token utilized by JPMorgan for settling significant same-bank transactions, is now poised for deployment in interbank transactions. The digital asset recently made its debut on Partior, a blockchain ledger developed through collaboration between JPMorgan, DBS Bank, Temasek, and Standard Chartered. Partior facilitates swift multicurrency transactions among its members, albeit still relying on correspondent banking for transaction settlements, thereby maintaining the conventional banking system.
While the Singapore-based initiative is already operational, specific details about its internal processes and adoption rates remain somewhat unclear. Reports suggest that DBS Bank may be live on the platform, but other banks are yet to fully embrace it. JPMorgan secured a lead over other U.S. banks by obtaining approval from the United States Office of the Comptroller of the Currency in May to deploy Partior.
The inclusion of JPM Coin within the Partior framework has the potential to significantly enhance its usage, given the widespread influence of JPMorgan’s blockchain token in banking markets. JPMorgan Global Head of Payments, Takis Georgakopoulos, reported in October that the token was settling around $1 billion daily. Umar Farooq, JPMorgan Global Head of Financial Institution Payments, has further projected a substantial increase, envisioning the network handling $10 billion in daily transactions within the next year or two.
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