JPM Coin Expands to Interbank Transactions on Partior Blockchain
JPM Coin, the official token of JPMorgan, is now being utilized for interbank transactions on the Partior blockchain platform. Partior, a joint venture between JPMorgan, DBS Bank, Temasek, and Standard Chartered, enables customers to transact value between these banks using blockchain assets.
Partior’s Features and Current Status
Partior offers quick multicurrency transactions and aims to streamline interbank transactions. However, the network still relies on correspondent banking to settle the results of these transactions, maintaining the traditional banking system.
While the project is live, specific details about its inner workings and usage numbers remain unclear. According to Ledger Insights, DBS Bank is believed to be live on the platform, but other banks have yet to join. JPMorgan was granted permission to use Partior in May, surpassing other U.S. banks.
Potential Boost to Partior with JPM Coin
The inclusion of JPM Coin in Partior may increase its usage significantly due to the token’s size and importance in the banking market. JPMorgan’s Global Head of Payments, Takis Georgakopoulos, stated that the token settles $1 billion daily. JPMorgan expects the network’s transaction volume to grow even further, aiming for $10 billion in daily transactions in the next year or two, according to Umar Farooq, the Global Head of Financial Institution Payments.
Hot Take: JPM Coin Strengthens Interbank Transactions on Partior
JPMorgan’s JPM Coin integration into the Partior blockchain platform marks a significant development in interbank transactions. By leveraging the power and ubiquity of JPM Coin, the network aims to enhance the efficiency and speed of cross-bank transactions. This move by JPMorgan demonstrates their commitment to exploring the potential of blockchain technology in transforming traditional banking systems. With promising projections for increasing daily transaction volumes, the future of JPM Coin and Partior in revolutionizing interbank settlements looks promising.
By
By
By
By