JPMorgan Chase & Co., the world's largest bank by market cap, has expanded its blockchain-based JPM Coin system to payments in euros for institutional clients. The system previously allowed only dollar-denominated payments. The first euro payment on JPM Coin was conducted by German tech giant Siemens AG. - JPM Coin is a blockchain-based application launched in 2019 to offer an alternative payment system on blockchain.
- Since its launch, the platform has processed around $300B of transactions.
- The system now allows corporate clients to move dollars or euros to and from their JPMorgan accounts worldwide.
- The institutional clients can also make payments to the bank's other customers using blockchain through JPM Coin.
- Besides, the system processes payments instantly, differently from transactions on traditional payment rails that typically process payments only during business hours.
JPMorgan has launched many high-profile projects so far to bring blockchain technology to traditional finance (TradFi) and become one of the few companies that managed to put some of these projects to commercial use among its rivals. - Most recently, the banking giant also announced its plans to launch a blockchain-based platform to process interbank dollar transactions in India in partnership with six local banks.
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