JPMorgan’s digital token JPM Coin, which enables institutional clients to instantly transfer funds into JPMorgan bank accounts, is currently processing approximately $1 billion in transactions per day. However, JPMorgan expects to see substantial growth in JPM Coin’s daily transaction volume within the next year.
Specifically, the global head of payments for financial institutions at JPMorgan, Umar Farooq, projects that JPM Coin could be handling between $5 billion to $10 billion in daily transactions within the next 12 months. This would represent a massive 5 to 10 times increase over its current $1 billion daily volume.
JPM Coin first launched in 2019 as part of JPMorgan’s blockchain-based instant payment solution for institutional clients. Unlike traditional payment systems, JPM Coin leverages blockchain technology to facilitate transactions 24 hours a day, 7 days a week. Initially, the token only supported US dollar transfers, but in June 2022, JPMorgan expanded JPM Coin to enable euro transactions.
Given the rapid growth in adoption since its launch, JPMorgan aims to continue increasing JPM Coin’s daily transaction volume substantially over the coming year. The bank sees strong potential for its blockchain-based payment network as an efficient alternative to existing systems. If JPM Coin reaches Farooq’s projected $10 billion in daily volume, it would represent a major milestone for both the bank and blockchain technology’s role in global finance.
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