A top executive at banking giant JPMorgan says JPM Coin, the company’s proprietary digital asset, will potentially increase its daily volume by a factor of ten.
In a new interview Umar Farooq, global head of financial institutions at JPMorgan, told Bloomberg that the company has made significant progress in offering enterprise blockchain solutions with JPM Coin.
“Frankly, our core business is to redesign the infrastructure for moving money, moving assets, etc. And we have, in our view, made more progress than anyone in the world in rolling out blockchain business solutions, from everything JPM Coin to Onyx digital assets to collateralized tokens, etc.
In our minds we have created a huge one [amount] of progress, and I think you can see that some of our colleagues are now starting to follow suit.”
He goes on to say that JPM Coin – which launched in 2019 and is used by wholesale customers to make payments in dollars and euros – will take off within the next year or two.
“I hope for at least 5-10x [growth]…within a year or two. If you really think about how much money we’re moving, it sounds like a small number within JPMorgan. I mean, our company moves $10 trillion a day, so compared to $10 trillion, a billion doesn’t sound like much.
However, I think we started from scratch and went 10x in a relatively short time [JPM Coin] a few years ago. Now that we are looking at real growth, our customer numbers have started to increase exponentially.
We’ve had a lot of interest from securities companies etc. in using this particular technology, so we really think it’s going to take off and the numbers just show that.”
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