{"id":53011,"date":"2023-06-23T18:58:24","date_gmt":"2023-06-23T22:58:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53011"},"modified":"2023-06-23T19:34:49","modified_gmt":"2023-06-23T23:34:49","slug":"jpmorgan-expands-its-blockchain-based-token-to-euro-payments","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/jpmorgan-expands-its-blockchain-based-token-to-euro-payments\/","title":{"rendered":"JPMorgan Expands Its Blockchain-Based Token to Euro Payments"},"content":{"rendered":"\n

JPMorgan, the well-known American investment bank, has expanded its blockchain-based settlement token<\/a>, JPM Coin, to include euro-denominated payments.<\/p>\n\n\n\n

\"JPMorgan
JPMorgan Expands Its Blockchain-Based Token to Euro Payments<\/figcaption><\/figure>\n\n\n\n

The bank now uses its blockchain payment system to accept euro payments from its corporate clients. A JPMorgan representative confirmed the expansion.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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<\/a>, and Africa, this system can provide financial advantages. It allows businesses to earn higher interest on their deposits through timely payments. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

JPM Coin is part of the Onyx Coin Systems platform\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which JP Morgan developed in 2020 to enhance the efficiency of wholesale payment operations. <\/p>\n\n\n\n

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<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":53013,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11383],"tags":[202,351],"class_list":["post-53011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-blockchain","tag-jpmorgan"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1687558201470.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53011"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53013"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}