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JPMorgan Expands Its Blockchain-Based Token to Euro Payments: Bloomberg
Since its inception in 2019, over $300 billion in transactions have been processed using JPM Coin.
Updated Jun 23, 2023, 11:12 a.m. Published Jun 23, 2023, 11:12 a.m.
Banking giant JPMorgan (JPM) has expanded its blockchain-based settlement token JPM Coin to euro-denominated payments, Bloomberg reported on Friday.
JPM Coin went live with euro payments on Wednesday, according to the report, citing an interview with the bank's head of Coin Systems for Europe Basak Toprak. German tech firm Siemens conducted the first euro payment on the platform.
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Since its inception in 2019, over $300 billion in transactions have been processed using JPM Coin, making it one of the most extensive uses of blockchain technology by a traditional financial institution. The system allows JPMorgan's institutional clients to make wholesale payments between accounts around the world using blockchain tech as the rails.
The $300 billion is still but a drop in the ocean compared to the nearly $10 trillion that JPMorgan processes by conventional means on a daily basis.
JPMorgan did not immediately respond to CoinDesk's request for further comment.
Read More: ECB Mulls Decentralized Settlement for Wholesale Financial Markets
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