JPMorgan foresees substantial growth for its digital currency, JPM Coin, with expectations that it could handle around $US10 billion in daily transactions as early as 2024, according to its global head for financial institution payments, Umar Farooq.
 
This outlook implies a tenfold increase from its current daily transaction volume of $US1 billion, signalling a bullish perspective on the trajectory of digital currencies.

Introduced to the crypto market in 2019, JPM Coin has processed transactions an estimated $US300 billion since its launch.

The token enables institutional clients to transfer funds into their bank accounts using blockchain technology instead of traditional payment systems, offering a round-the-clock processing advantage.

In June, JPM Coin expanded its availability to euros, expanding beyond the US dollar, as it plans to increase the daily volume of transfers in the coming year.

In a related news, cryptocurrency Avalanche (AVAX) experienced a surge after news that JPMorgan utilised the blockchain to tokenise portfolios.

JPMorgan's Onyx collaborated with Avalanche in a proof-of-concept involving Apollo Global and the Monetary Authority of Singapore's Project Guardian.

AVAX reached nearly $24, marking a nearly 76% gain over the past seven days.