JPMorgan’s JPM Coin Sees Transactions ‘Explode’ With Programmability Features

Global investment bank JPMorgan’s JPM Coin has seen a significant surge in transactions, according to Umar Farooq, head of Onyx by JP Morgan. During a session at the Consensus conference, Farooq stated, “We’ve seen the number of transactions explode by factors of 10, if not hundreds. Fewer larger transactions, lots of smaller transactions.” He noted that on some days, transaction volumes reach the high single-digit billions of dollars. Farooq highlighted the limitations of the current financial system, pointing out that its siloed nature hampers efficient settlement. Launched in late 2020 as a blockchain-based bank account, JPM Coin initially focused on 24/7 transaction availability. However, the introduction of programmability has driven the surge in transactions. This increase is fueled by diverse applications beyond traditional payments, such as Siemens using programmable JPM Coin for industrial printers.

Source