JPMorgan has expanded its project to introduce blockchain technology into traditional banking services and began to conduct payments in euros for corporate clients in the digital currency JPM Coin.
JPM Coin was launched in 2019 to transfer dollars. The digital currency has now begun supporting euro transactions, Basak Toprak, head of Europe, the Middle East and Africa at JPMorgan Coin Systems, said. The German company Siemens has already made the first payment in euros on the bank’s platform.
The system allows the bank’s corporate clients to transfer funds between different JPMorgan accounts around the world or make payments to other clients using the blockchain. Transactions in JPM Coin are carried out around the clock and are faster than regular payments.
The stablecoin is part of the Onyx blockchain-based platform. It was launched in 2020 to improve the quality of bulk transfers. As of April 2023, with the help of Onyx, the bank has issued short-term loans in the amount of about $700 billion.
Note that in June 2023, JPMorgan entered into an agreement with six Indian financial institutions to implement a blockchain-based settlement platform.