JPMorgan Says JPM Coin Transactions May Hit $10 Billion Daily

Farooq says ‘we really think it’s going to start taking off’
He’s the head of financial institution payments at the bank

WATCH: Umar Farooq, Global Head of Financial Institution Payments at JPMorgan, and CEO of Onyx by JPMorgan, discusses his outlook for blockchain and digital transactions.Source: Bloomberg

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By Sunil Jagtiani

November 15, 2023 at 1:40 AM UTC

This article is for subscribers only.

JPMorgan Chase & Co.’s digital token JPM Coin could be handling as much as $10 billion in daily transactions in the next year or two, according to the bank’s Global Head of Financial Institution Payments Umar Farooq.

Farooq said he’s hoping for at least five times to 10 times growth in transactions over the period. JPM Coin currently handles about $1 billion daily.