JPMorgan Processes $1 Billion in Daily JPM Coin Transactions, Eyes Expansion to Retail and Central Bank Digital Currencies

JPMorgan's head of global payments says they process $1 billion in JPM Coin transactions daily within large companies.

JPM Coin launched in 2020 using Quorum, an Ethereum-based blockchain, to address inefficiencies in speed, information tracking, and fungibility.

The goal is to bring efficiency of institutional JPM Coin to consumers via a retail version or central bank digital currencies.

JPM is looking to digital currencies to enable instant, free, 24/7 transactions that can be programmed.

This is seen as the next generation of innovation in payments after the success of institutional JPM Coin use.