Billion

Daily

Coin

JPMorgan Chase &amp; Co.’s digital token, JPM Coin, is likely to manage up to $10 billion in daily transactions within the next one to two years, as indicated by the bank’s Global Head of Financial Institution Payments, Umar Farooq.
<h3 id="growing-jpm-coin-transactions">Growing JPM Coin Transactions</h3>
Farooq expresses the hope for a significant growth of five to ten times in transactions during this timeframe, considering that JPM Coin presently processes approximately $1 billion daily.
“We believe it’s it’s going to start taking off,” he stated during an interview with Bloomberg Television’s Haslinda Amin at the Singapore FinTech Festival on Wednesday.
JPM Coin facilitates dollar and euro-denominated payments for wholesale clients through a private blockchain network. While it stands as one of the few operational blockchain applications by a major bank, it still represents a minor fraction compared to the daily $10 trillion in US dollar transactions processed by JPMorgan.
Advocates for blockchain technology argue that it can provide instantaneous payments at a lower cost compared to existing technologies. However, the scalability of digital ledgers has not yet been tested on the same scale as traditional payment networks.
<h3 id="jpmorgan-and-programmable-payments">JPMorgan and Programmable Payments</h3>
Interestingly, JPMorgan is putting its JPM coin to effective use in different applications. JPMorgan’s blockchain-powered payment system, Onyx, makes further strides by introducing a new programmable payments feature for its digital token, JPM Coin. This enhancement allows clients to automate payments, programming the system to cover financial obligations like overdue payments and margin calls.
Naveen Mallela, the global head of coin systems at Onyx, <a href="https://coingape.com/jpmorgan-introduces-ifttt-programmable-payments-to-jpm-coin/" target="_blank" rel="noopener noreferrer nofollow">revealed</a> that Siemens, based in Germany, utilized JPMorgan’s JPM Coin system this week to set up its account for transfers, addressing potential funding gaps.
JPMorgan’s JPM Coin now allows clients to program their accounts, incorporating a set of conditions to facilitate fund movements for covering overdue payments and margin calls.
The introduction of programmability is a significant milestone for digital currencies and tokenized money, paving the way for dynamic and event-driven infrastructure in the industry. This development is crucial for achieving real-time, automated, and programmable treasury operations.
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/jpmorgan-eyes-10-billion-in-daily-transactions-with-jpm-coin/">JPMorgan Eyes $10 Billion In Daily Transactions With JPM Coin</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

JPMorgan Eyes $10 Billion In Daily Transactions With JPM Coin

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