JPM Coin daily transactions projected to hit $10 billion By Investing.com
[ad_1]
At the recent Singapore FinTech Festival, Umar Farooq, JPMorgan’s Global Head of Financial Institution Payments, provided insights into the future of JPM Coin, the bank’s blockchain-based payment system. In his remarks, Farooq predicted a significant increase in the daily transaction volume of JPM Coin, expecting it to surge from its current $1 billion to $10 billion within one to two years.
JPM Coin stands as a notable live blockchain application among leading banks and is designed to help wholesale clients conduct transactions in dollars and euros through a private blockchain network. While blockchain technology is celebrated for enabling instant and cost-effective payments, its current usage within JPMorgan represents only a tiny portion of the bank’s total daily US dollar transactions, which amount to an impressive $10 trillion.
The potential scalability of blockchain compared to traditional payment systems has yet to be fully established. However, Farooq’s forecast suggests a growing confidence in the technology’s capacity to handle a larger volume of financial transactions. As JPMorgan continues to explore the capabilities of JPM Coin, industry observers will be watching closely to see if blockchain can indeed meet the high demands of modern finance.
In a discussion with Bloomberg Television’s Haslinda Amin Today at the Festival, Farooq highlighted the dynamic infrastructure provided by tokenized money. Onyx, JPMorgan’s blockchain-based payment system offers a programmable payments feature for wholesale clients using JPM Coin. This week, Siemens leveraged this feature to address funding gaps.
Naveen Mallela, head of coin systems at Onyx, revealed the programmability of JPM Coin has facilitated real-time treasury operations by automating financial obligations like overdue payments and margin calls. This marks a significant milestone in the industry and embodies the transformative potential of blockchain technology in finance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
[ad_2]
Source link
At the recent Singapore FinTech Festival, Umar Farooq, JPMorgan’s Global Head of Financial Institution Payments, provided insights into the future of JPM Coin, the bank’s blockchain-based payment system. In his remarks, Farooq predicted a significant increase in the daily transaction volume of JPM Coin, expecting it to surge from its current $1 billion to $10 billion within one to two years.
JPM Coin stands as a notable live blockchain application among leading banks and is designed to help wholesale clients conduct transactions in dollars and euros through a private blockchain network. While blockchain technology is celebrated for enabling instant and cost-effective payments, its current usage within JPMorgan represents only a tiny portion of the bank’s total daily US dollar transactions, which amount to an impressive $10 trillion.
The potential scalability of blockchain compared to traditional payment systems has yet to be fully established. However, Farooq’s forecast suggests a growing confidence in the technology’s capacity to handle a larger volume of financial transactions. As JPMorgan continues to explore the capabilities of JPM Coin, industry observers will be watching closely to see if blockchain can indeed meet the high demands of modern finance.
In a discussion with Bloomberg Television’s Haslinda Amin Today at the Festival, Farooq highlighted the dynamic infrastructure provided by tokenized money. Onyx, JPMorgan’s blockchain-based payment system offers a programmable payments feature for wholesale clients using JPM Coin. This week, Siemens leveraged this feature to address funding gaps.
Naveen Mallela, head of coin systems at Onyx, revealed the programmability of JPM Coin has facilitated real-time treasury operations by automating financial obligations like overdue payments and margin calls. This marks a significant milestone in the industry and embodies the transformative potential of blockchain technology in finance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
About The Author
