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New York-headquartered investment bank JPMorgan Chase & Co. has launched euro-denominated transactions on its blockchain-based payment system, JPM Coin, Bloomberg reported on Friday.
See related article: JPMorgan teams up with Indian banks for blockchain-based settlements: Bloomberg
Fast facts
- Germany’s engineering and manufacturing company Siemens AG was the first to use JPM Coin for euro-denominated payments, according to Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East and Africa, cited by Bloomberg.
- Since its launch in 2019, JPM Coin has reportedly processed around US$300 billion in transactions. This value is 3% of JPMorgan’s global daily transaction volume of US$10 trillion, as stated on its website.
- JPM Coin allows wholesale payments for clients to transfer euros or dollars held with their JPMorgan accounts immediately and at any time of the day, enabling faster payments, unlike traditional banking transactions, which usually operate during business hours.
- JPM Coin’s Europe launch follows a recent development where Deutsche Bank, recognized as one of the continent’s largest lenders, submitted an application for a crypto custody license earlier in the week. This move is indicative of a broader trend where traditional financial institutions are accelerating their efforts in the blockchain and Web3 domains.
See related article: Citadel, Fidelity, Schwab-backed crypto exchange launches amid U.S. crackdown
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