JPMorgan’s blockchain project has expanded to include euro-denominated payments, according to recent reports. The project, known as JPM Coin, was launched in 2019 as a live blockchain application aiming to provide an alternative payment rail running on blockchain. JPM Coin is part of JPMorgan’s larger blockchain-based platform called Onyx Coin Systems.
The latest development allows corporate clients to process euro-denominated payments using JPM Coin. The German conglomerate Siemens AG is reported to be the first company to make use of this feature. Basak Toprak, the head of Coin Systems for Europe, the Middle East, and Africa at JPMorgan, confirmed that the platform began accepting euro transactions on June 21.
The JPM Coin was introduced in October 2020 and has since processed over $300 billion worth of transactions. This makes it one of the most widely used blockchains by a traditional financial institution. JPM Coin enables JPMorgan’s institutional clients to make wholesale payments between accounts worldwide by leveraging blockchain technology.
In addition to JPM Coin, JPMorgan launched Onyx Coin Systems in 2020 with the goal of improving the quality of wholesale payment transactions. By April 2023, Onyx had processed nearly $700 billion worth of short-term loan transactions.
This development further highlights JPMorgan’s commitment to exploring the potential of blockchain technology in the financial industry. By expanding the capabilities of JPM Coin to include euro-denominated payments, the bank aims to provide its clients with more efficient and secure cross-border payment solutions.
It’s important to note that while JPMorgan’s blockchain project continues to evolve and expand, the bank recently faced regulatory scrutiny. The US Securities and Exchange Commission fined JPMorgan $4 million for mistakenly deleting 47 million emails between January and April 2018. This incident serves as a reminder of the importance of compliance and record-keeping for financial institutions.
Overall, JPMorgan’s expansion into euro-denominated payments demonstrates the growing adoption and application of blockchain technology in the banking sector. As more companies and financial institutions recognize the benefits of blockchain, we can expect to see further advancements and innovations in the realm of digital payments and financial infrastructure.
