JPMorgan’s JPM Coin, processing $1 billion daily, is projected to handle up to $10 billion in transactions within the next year.
The bank’s global head of payments for financial institutions, Umar Farooq, announced this estimate. Farooq said he expects transactions to grow at least five to ten times over this period. JPM Coin currently processes around $1 billion per day.
“We really think it’s going to start taking off.”Umar Farooq, JPMorgan
JPMorgan and crypto
JPM Coin appeared on the crypto market back in 2019. Since its launch, the coin has processed transactions totaling $300 billion. With JPMorgan’s token, institutional clients can transfer funds into their bank accounts. Transactions are carried out via blockchain rather than traditional payment systems. Unlike regular transactions, JPM Coin payments are processed around the clock.
Initially, the asset only supported payments in U.S. dollars. However, in June this year, JPM Coin became available in euros. The bank said it intends to increase the daily volume of transfers over the coming year.
At the end of October, it became known that the daily volume of transfers of $1 billion could increase within a year, according to the head of the global payments department of JPMorgan Chase & Co., Takis Georgakopoulos.