JP Morgan's Blockchain Breakthrough - JPM Coin Poised For Tenfold Growth In Daily Transactions: Report

JP Morgan Chase & Co. JPM could reportedly manage as much as $10 billion in digital token JPM Coins in daily transactions in the next year or two.

The banking behemoth, which currently handles about $1 billion JPM Coins daily, is hoping for at least a five times to 10 times boost in transactions over the period, according to a news report by Bloomberg Technology, citing a statement from the company's Global Head of Financial Institution Payments Umar Farooq in an interview. 

JPM Coin, utilized by JPMorgan's wholesale clients, facilitates payments in dollars and euros via a private blockchain network, the report added. 

Also Read: JP Morgan's $290M Settlement With Epstein Victims Gets Green Light From Judge: Report

"We really think it's going to start taking off," Farooq told Bloomberg on the sidelines of the Singapore FinTech Festival.

As a notable instance of a blockchain application implemented by a major bank, it still represents a minor portion of the daily $10 trillion in U.S. dollar transactions processed by JPMorgan, Bloomberg said.

The development follows CEO Jamie Dimon's recent comments suggesting that the macroeconomic situation might not improve as quickly as anticipated despite current promising indicators. 

Speaking from Mexico City, Dimon also highlighted the significant investment opportunities in Mexico across various sectors.

Read Next: Emirates Reportedly Defers Airbus A350 Deal, Citing Engine Durability Concerns Amid Boeing Triumph

Price Action: JPM shares are trading higher by 0.22% to $148.77 premarket on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo Via Company