JPMorgan Announces JPM Coin Could Reach $10 Billion Daily
With rapid advancements in financial technology, significant transformations are evident in financial transaction methods,
and the latest developments come from JPMorgan Chase & Co.,
as they continue experiments with their digital currency, JPM Coin.
Topic
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Conclusion
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According to internal sources within the bank, it is expected that the daily transaction volume of JPM Coin could reach levels of up to $10 billion in the coming year or two.
This prediction comes from Omar Farouk, the financial institutions payments official at the bank,
who emphasized the bank’s ambition to achieve substantial growth in this sector.
In his statements, Farouk pointed to expectations of achieving growth ranging from 5 to 10 times at least in the transaction volume using JPM Coin, which currently stands at a billion dollars daily.
This significant shift in transaction volume is indicative of the strength and appeal of the digital currency offered by major banks.
JPM Coin provides a direct experience for customers in payment operations,
allowing major clients to make payments in dollars and euros using blockchain technology.
This application is one of the rare examples of the direct use of blockchain technology by major banks,
marking a crucial step towards implementing this pioneering technology in financial transactions.
Conclusion
Although the volume of JPM Coin may be a billion dollars daily,
it remains a small part of the total daily transactions in U.S. dollars managed by the bank,
which amounts to $10 trillion.
Supporters of blockchain technology argue that it can provide instant payments at a lower cost than traditional technology, but digital ledgers still face real-world testing within the current payment network scope.
This significant progress in the use of blockchain technology in the financial sector indicates a radical change in how money is handled,
emphasizing JPMorgan’s commitment to continuous evolution to meet customer needs in the era of digital technology.”
JPMorgan Announces JPM Coin Could Reach $10 Billion Daily