Cryptonews Blockchain News

JPMorgan Expects JPM Coin to Hit $10 Billion in Daily Transactions in Coming Year

JPMorgan

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Author Profile

Last updated:

November 14, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

JPMorgan Chase & Co. is expecting its digital token, JPM Coin, to process $10 billion in daily transactions in the upcoming year.

This projection comes from the insights shared by Umar Farooq, the bank’s Global Head of Financial Institution Payments in an interview with Bloomberg at the Singapore FinTech Festival.

JPMorgan Expects Tenfold Increase in JPM Coin Transactions

Farooq expressed optimism about the potential for JPM Coin, highlighting the anticipation of a five to tenfold increase in transaction volume. Emphasizing the coin’s impending popularity, he stated, “We really think it’s going to start taking off.”

As reported earlier, JPM Coin currently handles approximately $1 billion in daily transactions, mainly in US dollars, according to Takis Georgakopoulos, JPMorgan’s Global Head of Payments.

Despite this substantial volume, it represents only a fraction of the colossal $10 trillion in US dollar transactions managed by the banking giant daily.

JPM Coin facilitates secure and efficient dollar and euro-denominated payments for wholesale clients through a private blockchain network. The banking giant is looking to expand the token’s usage.

While proponents of blockchain technology argue for its potential to deliver instantaneous payments at lower costs, the real-world scalability of digital ledgers remains a topic of ongoing exploration.

The bank’s official further revealed that the “next step in that journey is to think about how you can create a more retail version of that, so that you can bring that same efficiency to consumers.”