JPMorgan, the well-known American investment bank, has expanded its blockchain-based settlement token, JPM Coin, to include euro-denominated payments.
The bank now uses its blockchain payment system to accept euro payments from its corporate clients. A JPMorgan representative confirmed the expansion.
Siemens, a German conglomerate, carried out the first euro transaction on June 21. However, this system allows significant corporate clients to make instant and round-the-clock euro transfers into and out of their JP Morgan accounts.
This is an improvement over traditional banking transactions limited to regular business hours. According to Basak Toprak, who oversees JPM Coin systems in Europe, the Middle East, and Africa, this system can provide financial advantages. It allows businesses to earn higher interest on their deposits through timely payments.
In 2019, JPMorgan Chase launched JPM Coin as an alternative blockchain-based payment processing mechanism. JPM Coin has enabled transactions worth nearly $300 billion since its launch. However, the bank’s total daily payment volumes are close to $10 trillion, indicating that the system has yet to be fully utilized.
JPM Coin is part of the Onyx Coin Systems platform, which JP Morgan developed in 2020 to enhance the efficiency of wholesale payment operations.
However, reports suggest that the bank has utilized Onyx for managing short-term loan operations worth nearly $700 billion by April 2023. The U.S SEC has filed JPMorgan $4 million for mishandling internal correspondence
The bank accidentally deleted approximately 47 million emails from its retail banking division between January 1 and April 23, 2018. According to U.S. securities laws, Financial institutions must retain such documents for three years.
