Billion

Daily

Coin

JPMorgan Chase &amp; Co. anticipates that its digital currency, JPM Coin, will facilitate daily transactions amounting to $10 billion in the coming year. 
Umar Farooq, the Global Head of Financial Institution Payments at the bank, revealed this projection during an interview with Bloomberg held at the Singapore FinTech Festival. 
Farooq’s insights shed light on the ambitious expectations the financial institution has for the widespread adoption and utilization of<a href="https://www.bloomberg.com/news/articles/2023-11-15/jpmorgan-says-jpm-coin-transactions-may-hit-10-billion-daily#xj4y7vzkg" target="_blank" rel="noopener nofollow"> JPM Coin</a> as a means of conducting transactions in the digital financial landscape. 
Takis Georgakopoulos, the Global Head of Payments at JPMorgan Chase &amp; Co., recently disclosed that JPM Coin is actively managing a staggering $1 billion in daily transactions. 
In a recent interview on Bloomberg Television, Georgakopoulos highlighted the predominant use of JPM Coin in daily transactions denominated in US dollars and underscored the bank’s dedicated efforts to broaden its utilization, signaling a robust commitment to the ongoing evolution of digital financial instruments. 
<h2 id="strong-jpm-coin-ambitious-growth-goals-strong">JPM Coin: Ambitious Growth Goals</h2> 
Farooq expressed his aspiration for a substantial increase in transaction volume, aiming for a growth rate ranging from five to 10&nbsp;times over the specified period. 
“We really think it’s going to start taking off,” he said during an interview with Haslinda Amin of Bloomberg TV Wednesday, on the sidelines of the Singapore FinTech Festival. 
Although the <a href="https://www.bnnbloomberg.ca/jpmorgan-says-jpm-coin-transactions-may-hit-10-billion-daily-1.1998723" target="_blank" rel="noopener nofollow">billion-dollar daily transaction</a> volume achieved by JPM Coin is notable, it represents only a small fraction of the colossal $10 trillion in daily US dollar transactions managed by JPMorgan. 
JPM Coin presents a secure and efficient avenue for wholesale clients to participate in dollar and euro-denominated payments within the confines of a private blockchain network. 
<img fetchpriority="high" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/vevxnMtB/" width="2475" height="1179" loading="lazy"> 
<h2 id="strong-testing-the-waters-evaluating-digital-ledgers-on-a-grand-scale-strong">Testing The Waters: Evaluating Digital Ledgers On A Grand Scale</h2> 
Advocates for blockchain technology contend that it has the potential to facilitate instant payments at a reduced cost compared to prevailing technologies. 
However, it’s crucial to note that digital ledgers, despite their touted advantages, have not undergone trials on the same expansive scale as established payment networks. 
The claims surrounding the efficiency and cost-effectiveness of blockchains are still in the process of being substantiated through broader and more comprehensive real-world applications. Programmable Payments For Institutional Clients 
Meanwhile, JPMorgan has just implemented a programmable payment functionality specifically designed for institutional customers of their private blockchain network. 
The programmable payments functionality has been made available to all institutional clients, enabling the execution of real-time, programmable treasury operations and the development of novel digital business models. 
The first institutional client to utilize the programmable payments capability is Siemens AG, a German tech company that demonstrated its use as recently as November 6. Before the conclusion of 2023, FedEx and Cargill are anticipated to utilize the solution as well. 
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). 
Featured image from AdWeek

JPM Coin Poised For $10 Billion Daily Transaction Boom, JPMorgan Reports

Table of Contents

NewsBTC

Other articles published on Nov 15, 2023

Record-Breaking Bitcoin Fund Holdings Amidst Growing Enthusiasm for Spot ETF Among Crypto Investors

'Protector of His Kind' (Sidus Book 2) Now Available!

SEC rakes in $5b in 2023 fiscal year claims

Bloomberg Analysts Say SEC To Approve All Spot Bitcoin ETFs; Dogecoin, Polygon, and Everlodge Pri...

Mengantisipasi Bitcoin Halving 2024

Record single-day liquidation of $300M as Bitcoin slipped under $35K

Join our free newsletter for daily crypto updates!