NEWS: In an interview with Bloomberg, JPMorgan's global head of payments, Takis Georgakopoulos, revealed that the institution handles more than $1 billion in daily transactions through its digital asset JPM Coin.

This is a significant increase since the last update in June, when JPMorgan reported that $300 million worth of transactions had been made through JPM Coin since its launch in 2020.

Georgakopoulos said the increase in volume is due to the growing adoption of JPM Coin by institutional clients. The digital currency is used to settle transactions between banks and to make cross-border payments.

JPM Coin is a stablecoin, meaning it is pegged to the US dollar. It is backed by real dollars deposited at JPMorgan Chase.

The increase in JPM Coin volume is an indicator of the growing acceptance of cryptocurrencies by traditional banks.

Source: Bloomberg