Connect with us

Hi, what are you looking for?


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

Source: AdobeStock / Alexey Novikov

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.”

The post JPMorgan Expects JPM Coin to Hit $10 Billion in Daily Transactions in Coming Year appeared first on Cryptonews.

You May Also Like


Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...


The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...


NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

Copyright © 2023