JPMorgan’s JPM Coin About To ‘Take Off’ and 5–10X Its Daily Volume, According to Executive

A top executive at banking giant JPMorgan says that JPM Coin, the firm’s own digital asset, is set to increase its daily volume by potentially 10X.

In a new interview with Bloomberg, Umar Farooq, JPMorgan’s global head of financial institution payments, says that with JPM Coin, the firm has made significant progress in terms of offering enterprise blockchain solutions.

Buy physical gold and silver online

“Frankly, our core remit is to redesign the infrastructure on how to move money, how to move assets, etc. And we’ve made, we believe, more progress than anyone else in the world in rolling out blockchain enterprise solutions, everything from JPM Coin to Onyx digital assets to collateralized tokens, etc.

In our mind, we’ve made a huge [amount] of progress, and I think you can see some of our peers now starting to follow.”

He goes on to say that JPM Coin – which was launched in 2019 and is used by wholesale clients to make dollar and Euro-denominated payments – is set to take off within the next year or two.

“I’m hoping for at least 5-10x [growth]… within the next year or two. If you really think about how much money we move, it sounds like a small number within JPMorgan. I mean our business moves $10 trillion a day, so compared to $10 trillion, a billion sounds low.

However, I think starting from zero and going 10x over a relatively short amount of time, we launched [JPM Coin] a couple of years ago. Now, we’re looking at a real take-off, our client numbers have started to take off exponentially.

We have a lot of interest from securities companies, etc. on using this particular technology so we really think it’s going to start taking off and that just shows in the numbers.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post JPMorgan’s JPM Coin About To ‘Take Off’ and 5–10X Its Daily Volume, According to Executive appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A