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.
“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.”
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