Jpm coin, the official token of JPMorgan, could be used to conduct interbank transactions now that it debuted on Partior, a blockchain-based bank settlement system. The platform, jointly launched by JPMorgan, DBS Bank, Temasek and Standard Chartered, allows customers to exchange 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 transactions at the same bank, will be used to complete interbank transactions. The asset recently debuted on Partior, a blockchain ledger with interbank transactions using blockchain assets, which could increase its use.
Partior, launched in a joint effort by JPMorgan along with DBS Bank, Temasek and Standard Chartered, offers fast multi-currency transactions together with its members. Nevertheless, the network still relies on correspondent banks to settle the outcome of these transactions, maintaining the banks’ status quo system.
Although the Singapore-based project is already live, details of its internal workings and usage figures are still vague. Ledger Insights reported that they believed DBS Bank was live on the platform, but other banks are still not using it. JPMorgan beat out other US-based banks that have not yet been cleared to deploy these types of solutions after receiving a no-objection letter from the United States Office of the Comptroller of the Monet in May for Partior’s use.
However, including jpm coins in Partior could expand its use given the size and importance of JPMorgan’s blockchain token and its near-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’s Global Head of Financial Institution Payments Umar Farooq said the bank expected these numbers to take off, stating that the network could reach $10 billion in daily transactions in the next two years.
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