(Bloomberg) -- 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.
“We really think it’s going to start taking off,” he said in an interview with Bloomberg Television’s Haslinda Amin on Wednesday on the sidelines of the Singapore FinTech Festival.
Read more: JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily
JPM Coin enables wholesale clients to make dollar and euro-denominated payments through a private blockchain network. It’s one of the few examples of a live blockchain application by a large bank, but remains a small fraction of the $10 trillion in US dollar transactions moved by JPMorgan on a daily basis.
Proponents of blockchains argue they can deliver instantaneous payments at lower cost than current technology. But digital ledgers have yet to be tested at the same scale as existing payment networks.
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