JPMorgan’s corporate clients can now make euro transactions using the JPM Coin blockchain network. Siemens representatives have already used the new service.
The investment bank JPMorgan, one of the largest global financial conglomerates, expands the capabilities of the payment system JPM Coin. Earlier, it supported only payments in U.S. dollars, but now it begins to support the euro. Bloomberg reports it.
The project is designed for corporate clients. The blockchain-based payment system allows for cross-border payments almost instantly and at any time of day. Among other things, it opens up new income opportunities, requiring promptness in financial transactions.
As a reminder, the JPM Coin project was launched in 2019. Since its launch, the JPM Coin-based payment system has processed about $300 billion in transactions. JPMorgan’s daily payment volume is about $10 trillion, so the system has significant room for growth.
JPMorgan is also developing the blockchain platform Onyx, launched in late 2020 and focused on bulk payments. According to public records, as of the end of April 2023, the bank had processed nearly $700 billion in short-term credit transactions through it.
In addition, JPMorgan and Visa are working together on a blockchain system for cross-border transactions. JPMorgan has also launched a pilot blockchain project in India to process cross-border interbank payments in U.S. dollars. Both projects are envisioned as possible alternatives to the SWIFT payment system.
