{"id":560732,"date":"2023-11-15T07:26:52","date_gmt":"2023-11-15T07:26:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=560732"},"modified":"2023-11-15T07:27:30","modified_gmt":"2023-11-15T07:27:30","slug":"jpm-coin-poised-for-10-billion-daily-transaction-boom-jpmorgan-reports","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/jpm-coin-poised-for-10-billion-daily-transaction-boom-jpmorgan-reports\/","title":{"rendered":"JPM Coin Poised For $10 Billion Daily Transaction Boom, JPMorgan Reports"},"content":{"rendered":"
JPMorgan Chase & Co. anticipates that its digital currency, JPM Coin, will facilitate daily transactions amounting to $10 billion in the coming year.<\/p>\n
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.<\/p>\n
Farooq’s insights shed light on the ambitious expectations the financial institution has for the widespread adoption and utilization of JPM Coin<\/a> as a means of conducting transactions in the digital financial landscape.<\/p>\n Takis Georgakopoulos, the Global Head of Payments at JPMorgan Chase & Co., recently disclosed that JPM Coin is actively managing a staggering $1 billion in daily transactions.<\/p>\n 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.<\/p>\n Farooq expressed his aspiration for a substantial increase in transaction volume, aiming for a growth rate ranging from five to 10\u00a0times over the specified period.<\/p>\n \u201cWe really think it\u2019s going to start taking off,\u201d he said during an interview with Haslinda Amin of Bloomberg TV Wednesday, on the sidelines of the Singapore FinTech Festival.<\/p>\n Although the 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.<\/p>\n 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.<\/p>\n <\/p>\n Advocates for blockchain technology contend that it has the potential to facilitate instant payments at a reduced cost compared to prevailing technologies.<\/p>\n 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.<\/p>\n 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.<\/p>\nJPM Coin: Ambitious Growth Goals<\/strong><\/h2>\n
Total crypto market cap reaches $1.34 on the 24-hour chart: TradingView.com<\/a><\/pre>\n
Testing The Waters: Evaluating Digital Ledgers On A Grand Scale<\/strong><\/h2>\n