JPMorgan Chase & Co., a prominent global banking institution, is increasing its focus on blockchain technology and looking to incorporate it into traditional banking practices.
According to a report by Bloomberg, the Wall Street firm introduced euro-denominated payments for its corporate clients using its in-house digital currency called JPM Coin. JPM Coin, which was initially introduced in 2013 for dollar transactions, now enables euro transactions as well.
JPM Coin facilitated its first euro payment on Wednesday, with Siemens AG, a prominent German company, being the first client to use the platform, according to Basak Toprak, Head of the Coin System for Europe, the Middle East, and Africa at JPMorgan.
While JPM Coin has facilitated over $300 billion in transactions so far, its expansion into the euro market marks a significant milestone. However, it should be noted that JPMorgan’s overall payment business, handling close to $10 trillion daily, outweighs the current impact of the blockchain-based currency.
This solution allows large multinationals and other wholesale payment clients to send and receive money in dollars or euros across their many JPMorgan accounts worldwide. They can also make payments to other bank customers using blockchain technology, which offers faster and continuous processing compared to traditional channels.
JPMorgan’s expansion into the euro market demonstrates its commitment to harnessing the potential of blockchain technology in traditional banking. By using JPM Coin, the bank aims to optimize cross-border payments and improve operational efficiency for its corporate clients.
Compiled by Coinbold
