JPMorgan Introduces Euro Payments with JPM Coin

JPMorgan, an investment bank based in the United States, is expanding the implementation of one of its main blockchain projects into conventional banking.

Bloomberg reported on June 23 that JPMorgan had implemented its blockchain-based payment system, JPM Coin, to introduce euro-denominated payments for corporate clients.

A spokesperson for JPMorgan verified that the bank had added support for euros to the JPM Coin blockchain platform.

According to Basak Toprak, director of coin systems for Europe, the Middle East, and Africa at JPMorgan, JPM Coin transactions in euros went live on June 21.

Siemens reportedly processed the first euro transaction on the platform, according to Toprak.

The system allows clients, including large multinational corporations, to transfer euros to and from their JPMorgan accounts instantly, 24 hours a day, seven days a week.

This dramatically enhances conventional banking transactions, which are typically processed only during business hours.

“There are cost benefits to paying at the right time,” said Toprak of JPMorgan. “This could mean that they can earn more interest income on their deposits,” he added.

JPM Coin is an active application launched in 2019 that aims to provide an alternative blockchain-based payment system.

JPMorgan has reportedly processed approximately $300 billion in JPM Coin transactions since its inception.

The bank has not yet scaled the system, even though its daily payment volumes reportedly total roughly $10 trillion.

JPM Coin is a component of JPMorgan’s blockchain-based Onyx Coin Systems platform. As previously reported, JPMorgan introduced Onyx in 2020 to enhance the quality of wholesale payment transactions.

As of April 2023, the bank had reportedly processed nearly $700 billion in short-term loan transactions via Onyx.

JPMorgan reportedly received a $4 million sanction from the U.S. Securities and Exchange Commission for mismanaging internal communications.

The bank allegedly deleted approximately 47 million emails from its retail banking division from January 1, 2018, to April 23, 2018.

The U.S. securities laws require financial institutions to maintain business records for three years.