JP Morgan’s Onyx Blockchain Used for Siemens’ Digital Commercial Paper Settlement
During a panel discussion at Consensus 2024, Umar Farooq, former head of Onyx by JP Morgan and current co-head of Payments, revealed that transactions with JPM Coin have seen a significant increase since the introduction of programmability to the network. Farooq noted that transactions have “exploded,” with some days seeing multiple billions of U.S. dollars in transactions.
This surge in transactions highlights the growing popularity and utility of JPM Coin, a digital asset created by JP Morgan to facilitate instantaneous payments between institutional clients. The ability to program transactions has opened up new possibilities and use cases for the digital currency, attracting more users and increasing transaction volumes.
As the financial industry continues to embrace digital innovation and blockchain technology, the success of JPM Coin serves as a testament to the potential of programmable money. With transactions on the network reaching new heights, JPM Coin is poised to play a significant role in the future of payments and financial transactions.
