Bitcoin News and Finance
JPMorgan Says JPM Coin Could Handle $10 Billion in Daily Transactions Next Year Skip to main content

JPMorgan Says JPM Coin Could Handle $10 Billion in Daily Transactions Next Year

JPMorgan Says JPM Coin Could Handle $10 Billion in Daily Transactions Next Year

Global investment bank JPMorgan expects its digital currency, JPM coin, to “start taking off.” The bank says JPM coin could handle $10 billion in daily transactions in the next year or two, according to its global head of financial institution payments. He emphasized that JPM coin transactions should grow at least five to tenfold.

JPMorgan’s JPM Coin Poised to Handle $10B Daily

Global investment bank JPMorgan’s global head of financial institution payments, Umar Farooq, discussed the bank’s own digital currency, JPM coin, on Wednesday in an interview with Bloomberg on the sidelines of the Singapore Fintech Festival.

Farooq expressed his optimism for JPM coin transactions to grow at least five to tenfold, emphasizing the potential for daily transactions with JPM coin to reach $10 billion within the next year or two. He opined:

We really think it’s going to start taking off.

JPMorgan described JPM coin as “a permissioned system that serves as a payment rail and deposit account ledger, that allows participating J.P. Morgan clients to transfer U.S. dollars held on deposit with J.P. Morgan within the system, facilitating the movement of liquidity funding and payments in right time.”

Jamie Dimon, the chairman and CEO of JPMorgan Chase, previously explained: “We use a blockchain network called Liink to enable banks to share complex information, and we also use a blockchain to move tokenized U.S. dollar deposits with JPM coin.” The JPM coin website states that the coin “facilitates real-time value movement, helping to solve common hurdles of traditional cross-border payments.”

In October, JPMorgan said JPM coin is being used to settle $1 billion daily. JPMorgan Chase’s Global Head of Payments Takis Georgakopoulos stated at the time that the bank plans to expand JPM coin’s usage in the future, widening adoption.

JPMorgan Chase also recently debuted its blockchain-based collateral settlement system. Blackrock, the world’s largest asset manager, became the first client to use JPMorgan’s Tokenized Collateral Network (TCN). Blackrock used the system to convert shares in one of its money market funds into digital tokens, which it then used as collateral in an over-the-counter derivatives trade with Barclays Plc.

What do you think about JPMorgan expecting its digital currency, JPM coin, to handle $10 billion in daily transactions in the next year or two? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory