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<div class="intro-text">
 Umar Farooq, JPMorgan’s Global Head of Financial Institution Payments, has projected that the bank’s premier flagship digital asset, JPM Coin, will soon start processing daily transactions of over $ 10 billion within the next one or two years.
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Farooq shared this projection during an<a style="color: #0000ff;" href="https://www.bloomberg.com/news/videos/2023-11-15/jpmorgan-farooq-on-blockchain-digital-assets" rel="noopener noreferrer nofollow"> interview with Bloomberg Television</a> on November 15, 2023, on the sidelines of the ongoing <a href="https://www.fintechfestival.sg/" rel="noopener noreferrer nofollow">Singapore FinTech Festival</a> while expressing confidence that the digital asset is poised for significant growth.
“We really think it’s going to start taking off,” he remarked.&nbsp;
Despite representing a small fraction of the bank’s daily transaction volume,<a href="https://www.bloomberg.com/news/videos/2023-10-26/jpmorgan-s-georgakopoulos-on-global-payments-strategy-video" rel="noopener noreferrer nofollow"> A JPMorgan executive has stated that JPM Coin is handling approximately $1 billion worth of transactions daily</a>. Farooq is optimistic that the digital asset could achieve a growth rate of at least five to ten times this current figure in a short timeframe.
JPMorgan stands out among traditional financial institutions for its proactive exploration of blockchain and related technologies to enhance its operations. JPM Coin is an example of these pursuits. Notably, it represents a pioneering example of a live blockchain application.&nbsp;
JPM Coin was introduced in 2020 as part of the bank’s Onyx Coin Systems to facilitate transactions around the clock for its institutional clients through a private blockchain network. The digital asset has <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros#xj4y7vzkg" rel="noopener noreferrer nofollow">reportedly</a> facilitated transactions worth $300 billion despite not yet being fully scaled by the bank.&nbsp;
Initially, the asset only supported payments in U.S. dollars. However, in June this year, <a href="https://defi-planet.com/2023/06/jpmorgan-enhances-jpm-coin-to-facilitate-euro-transactions-for-business-clients/" rel="noopener noreferrer nofollow">the bank confirmed that JPM Coin now supports payment in Euros</a>.&nbsp;
In parallel developments, Singapore’s Monetary Authority has tapped JPMorgan to participate in its extensive undertaking, <a href="https://www.mas.gov.sg/schemes-and-initiatives/project-guardian" rel="noopener noreferrer nofollow">known as Project Guardian</a>, to explore the viability and feasibility of various use cases of asset tokenization.
JPMorgan and Apollo were selected to demonstrate how blockchain technology could be used to manage large-scale client portfolios and automate processes for portfolio management of tokenized financial assets. This collaborative effort also<a style="color: #0000ff;" href="https://www.businesswire.com/news/home/20231114571641/en/Onyx-by-J.P.-Morgan-and-Apollo-Explore-Tokenization-in-Investment-Portfolios-Across-Blockchains-as-Part-of-Project-Guardian" rel="noopener noreferrer nofollow"> involves three additional companies</a> – Axelar Inc., Oasis Pro, and Provenance Blockchain.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/11/jpmorgans-director-eyes-10x-increase-in-daily-transaction-volume-for-jpm-coin/">JPMorgan’s Director Eyes 10x Increase in Daily Transaction Volume For JPM Coin</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

JPMorgan’s Director Eyes 10x Increase in Daily Transaction Volume For JPM Coin

DeFi Planet

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