JPMorgan Bank deploys JPM Coin for euro-denominated payments

United States-based investment bank JP Morgan is expanding the implementation of one of its flagship blockchain projects, JPM Coin, into traditional banking.

JP Morgan Deploys Its Blockchain-Based Payment System, JPM Coin, To Launch Euro-Denominated Payments For Corporate Clients Bloomberg informed of On 23 June.

JPM Coin went live with euro trading on June 21, according to Basak Toprak, JPMorgan’s head of coin systems for Europe, the Middle East and Africa. Toprak said German conglomerate Siemens AG conducted the first euro payment on the platform.

The system enables bulk payments for such clients, including large multinationals, to transfer Euros to their JPMorgan accounts instantly and 24/7. This brings a significant improvement compared to traditional banking transactions, which are usually processed only during business hours.

“Getting paid at the right time has cost benefits,” said JPMorgan’s Toprak. “This could mean that they can earn higher interest income on their deposits,” he added.

Launched in 2019, JPM Coin is a live blockchain application that aims to provide an alternative payment rail that runs on the blockchain. Since launch, JP Morgan has reportedly processed around $300 billion worth of transactions in JPM Coin. The bank is yet to expand the system as its total daily payment volume is reportedly around $10 trillion.

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JPM Coin is part of JP Morgan’s blockchain-based platform known as Onyx Coin Systems. As previously reported, JP Morgan launched Onyx in 2020 with the aim of improving the quality of wholesale payment transactions. The bank reportedly processed around $700 billion in short-term loan transactions via Onyx by April 2023.

The news comes amid JP Morgan reportedly meeting Fined $4 million by the US Securities and Exchange Commission over mismanagement of internal communications. In 2019, the bank reportedly accidentally deleted around 47 million emails from its retail banking group from January 1 to April 23, 2018. According to US securities laws, financial firms are required to keep business records for three years.

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