JPMorgan’s Projected Growth for JPM Coin
If you’re into crypto, you’ll be interested to know that JPMorgan’s JPM Coin, which currently processes around $1 billion per day, is expected to handle up to $10 billion in transactions within the next year. This estimate comes from the bank’s global head of payments for financial institutions, Umar Farooq, who believes that transactions will grow at least five to ten times over this period. Farooq stated, “We really think it’s going to start taking off.”
JPMorgan and Its Crypto Journey
JPM Coin made its debut on the crypto market in 2019 and has since processed transactions totaling $300 billion. This token allows institutional clients to transfer funds into their bank accounts using blockchain technology instead of traditional payment systems. Initially supporting payments in U.S. dollars only, JPM Coin became available in euros in June this year. The bank aims to increase the daily volume of transfers over the coming year.
At the end of October, Takis Georgakopoulos, head of JPMorgan Chase & Co.’s global payments department, revealed that the daily volume of transfers of $1 billion could increase within a year.
Hot Take: JPM Coin’s Rapid Growth
JPMorgan’s projection for JPM Coin’s growth signals a significant expansion in the use of cryptocurrency within institutional finance. The potential increase in daily transaction volume demonstrates the growing acceptance and adoption of digital assets within traditional banking systems.
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