Jpm coin, JPMorgan’s official token, might be used to make interbank transactions now that it debuted on Partior, a blockchain-based banking settlement system. The platform, launched jointly by JPMorgan, DBS Bank, Temasek, and Standard Chartered, allows customers to transact value between these banks using blockchain assets.
JPMorgan’s JPM Coin Included in Partior
Jpm coin, the blockchain token used by JPMorgan to settle billions in same-bank transactions, will be used to complete interbank transactions. The asset recently debuted on Partior, a blockchain ledger that features inter-bank transactions using blockchain assets, which might expand its utilization.
Partior, launched in a joint effort of JPMorgan alongside DBS Bank, Temasek, and Standard Chartered, features quick multicurrency transactions alongside its members. Nonetheless, the network still relies on correspondent banking to settle the result of these transactions, preserving the banking status quo system.
While the Singapore-based project is already live, its inner workings’ details and utilization numbers are still fuzzy. Ledger Insights reported that they believed DBS Bank was live on the platform but that other banks still are not using it. JPMorgan beat other U.S.-based banks that have still to obtain permission to deploy this kind of solution, having received a no-objection letter from the United States Office of the Comptroller of the Currency for Partior’s use in May.
However, including jpm coin in Partior might boost its usage, given the size and significance of JPMorgan’s blockchain token and its almost ubiquitous presence in baking markets. In October, JPMorgan Global Head of Payments Takis Georgakopoulos stated that the token was being used to settle $1 billion daily.
In November, JPMorgan Global Head of Financial Institution Payments Umar Farooq said the bank expected these numbers to take off, declaring that the network could reach $10 billion in daily transactions in the next year or two.
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