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JPM Coin Poised For $10 Billion Daily Transaction Boom
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

JPM Coin Poised For $10 Billion Daily Transaction Boom, JPMorgan Reports

Christian Encila
Christian Encila
1 year ago
3 mins read
JPM Coin

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JPMorgan Chase & Co. anticipates that its digital currency, JPM Coin, will facilitate daily transactions amounting to $10 billion in the coming year.

Umar Farooq, the Global Head of Financial Institution Payments at the bank, revealed this projection during an interview with Bloomberg held at the Singapore FinTech Festival.

Farooq’s insights shed light on the ambitious expectations the financial institution has for the widespread adoption and utilization of JPM Coin as a means of conducting transactions in the digital financial landscape.

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Takis Georgakopoulos, the Global Head of Payments at JPMorgan Chase & Co., recently disclosed that JPM Coin is actively managing a staggering $1 billion in daily transactions.

In a recent interview on Bloomberg Television, Georgakopoulos highlighted the predominant use of JPM Coin in daily transactions denominated in US dollars and underscored the bank’s dedicated efforts to broaden its utilization, signaling a robust commitment to the ongoing evolution of digital financial instruments.

JPM Coin: Ambitious Growth Goals

Farooq expressed his aspiration for a substantial increase in transaction volume, aiming for a growth rate ranging from five to 10 times over the specified period.

“We really think it’s going to start taking off,” he said during an interview with Haslinda Amin of Bloomberg TV Wednesday, on the sidelines of the Singapore FinTech Festival.

Although the billion-dollar daily transaction volume achieved by JPM Coin is notable, it represents only a small fraction of the colossal $10 trillion in daily US dollar transactions managed by JPMorgan.

JPM Coin presents a secure and efficient avenue for wholesale clients to participate in dollar and euro-denominated payments within the confines of a private blockchain network.

Total crypto market cap reaches $1.34 on the 24-hour chart: TradingView.com

Testing The Waters: Evaluating Digital Ledgers On A Grand Scale

Advocates for blockchain technology contend that it has the potential to facilitate instant payments at a reduced cost compared to prevailing technologies.

However, it’s crucial to note that digital ledgers, despite their touted advantages, have not undergone trials on the same expansive scale as established payment networks.

The claims surrounding the efficiency and cost-effectiveness of blockchains are still in the process of being substantiated through broader and more comprehensive real-world applications.

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Programmable Payments For Institutional Clients

Meanwhile, JPMorgan has just implemented a programmable payment functionality specifically designed for institutional customers of their private blockchain network.

The programmable payments functionality has been made available to all institutional clients, enabling the execution of real-time, programmable treasury operations and the development of novel digital business models.

The first institutional client to utilize the programmable payments capability is Siemens AG, a German tech company that demonstrated its use as recently as November 6. Before the conclusion of 2023, FedEx and Cargill are anticipated to utilize the solution as well.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from AdWeek

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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