JPMorgan has recently taken a strategic move to adapt to the dynamic crypto market. They have introduced a new feature for users of its blockchain-based settlement token, JPM Coin. Clients can now program their accounts to initiate payment when certain criteria are met, such as covering late payments or addressing margin calls.
The bank sent out an email stating that this new feature helps clients to respond dynamically to events, which is ever more important as 24×7 payment infrastructure proliferates.
Since its introduction in 2020, JPM Coin has been handling daily transactions of $1 billion. This is a small fraction of the $10 trillion JPMorgan deals with on a daily basis. The addition of programmable payments to JPM Coin is an example of how the financial giant is exploring innovative solutions and staying at the forefront of technological advances in the financial industry.