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Global investment banking powerhouse JPMorgan has high hopes for its proprietary digital currency, the JPM coin. The company expects that the cryptocurrency will significantly increase its usage scope, handling around $10 billion worth of daily transactions within the next couple of years. The positive outlook was shared by the bank’s Global Head of Financial Institution Payments, during a discussion at the Singapore Fintech Festival.
There’s a strong sense of optimism within JPMorgan for the potential to grow JPM coin transactions by five to ten times. With a permissioned system that functions as a payment rail and deposit account ledger in place, the digital currency facilitates the movement of liquidity funding and payments in real time. JPMorgan’s executives are optimistic that this will enable the JPM coin to become integral to the bank’s day to day operations. So far, JPM coin has already shown significant promise, being used to settle $1 billion daily. On top of that, plans for expansion and greater adoption of the digital currency are in the pipeline.
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