JPM Coin Poised For $10 Billion Daily Transaction Boom, JPMorgan Reports
November 15 2023 - 2:26AM
NEWSBTC
JPMorgan Chase & 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 JPM Coin as a means of conducting transactions in
the digital financial landscape. Related Reading: Celestia Strikes:
How This Lesser-Known Coin Went Berserk With 126% Price Explosion
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. 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. JPM Coin: Ambitious Growth Goals
Farooq expressed his aspiration for a substantial increase in
transaction volume, aiming for a growth rate ranging from five to
10 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 billion-dollar daily
transaction 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. Total crypto market cap reaches $1.34 on the
24-hour chart: TradingView.com Testing The Waters: Evaluating
Digital Ledgers On A Grand Scale 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. Related Reading: Solana
(SOL) Shines 40% Toward $60 As Whales Make Big Moves 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
Celestia (COIN:TIAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Celestia (COIN:TIAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024