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JPM Coin implemented in Partior banking settlement system
JPM Coin, a JP Morgan token, can be used for interbank transactions after its debut in Partior, a blockchain-based bank settlement system.
This was reported by information portal Ledger Insights on its X (Twitter) page.
The Partior system was founded by JP Morgan along with DBS Bank, Temasek, and Standard Chartered. JP Morgan had previously received approval from the U.S. Office of the Comptroller of the Currency (OCC) to use Partior. Overall, Partior is developed as a multi-bank, multi-currency system for general use, with each bank controlling its own node, where the capacity of the network is directly related to the number of banks using it.
Although Partior allows for fast multicurrency transactions between its members, the network still uses correspondent banking relationships to settle the results of those transfers, according to Bitcoin.com.
"Currently, 'settlement banks' do not exchange funds themselves, as there is no wholesale settlement mechanism on the Partior platform," according to the system's presentation to the European Central Bank.
It's worth noting that while Partior has been launched, the features and capabilities of its inner workings are not yet clear, nor are its usage rates.
According to Ledger Insights, DBS Bank is already using the Partior platform.
However, the inclusion of JPM Coin on Partior could increase its adoption, given the size and importance of JP Morgan's blockchain token and its presence in many markets. Takis Georgakopoulos, Head of Payments at JP Morgan Global, said JPM Coin is used to settle $1 billion worth of transactions every day.
Umar Farooq, Global Head of Financial Institution Payments at JPMorgan, believes that figure will rise to $10 billion in two years.
Read also: Further development in the West depends on the unity of crypto and fiat.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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