JPMorgan Expands JPM Coin Blockchain Payment Service to Euro Transactions
JPMorgan Expands JPM Coin Blockchain Payment Service to Euro Transactions
JPMorgan, the renowned American banking giant, has recently announced the inclusion of euro-denominated transactions in its JPM Coin blockchain payment service for corporate clients.
This development comes after several months of speculation about the bank's plans to enable payments using the European fiat currency.
According to reports from Bloomberg, JPM Coin officially went live with euro transactions on June 23. The first payment in the European Union using the platform was made by Germany's Siemens AG, a leading industrial manufacturing company.
Initially introduced in 2019, JPM Coin was designed to facilitate US dollar-denominated transactions and quickly became one of JPMorgan's most prominent projects.
While the coin's role in the bank's overall payments business remains relatively small, transactions conducted with JPM Coin are known for their speed and efficiency compared to traditional payment methods.
Clients of JPMorgan now have the ability to make transfers in both dollars and euros between their multiple accounts within the bank.
Additionally, they can initiate blockchain-based payments using JPM Coin at any time, enjoying the advantage of 24/7 availability compared to the limitations of traditional money transfers restricted to business hours.
This latest move by JPMorgan reaffirms the bank's strong commitment to blockchain technology. Despite the market downturn experienced last year, the company expressed its determination in April to continue advancing efforts in tokenizing traditional financial assets.
JPMorgan is not the only major traditional bank delving into blockchain and digital asset initiatives. Goldman Sachs, for example, introduced its own blockchain platform earlier this year, allowing clients to issue financial securities in the form of digital assets such as real estate, Business Wire shares.
In recent years, numerous banks and financial institutions have recognized the potential of blockchain technology to enhance operational efficiency. However, widespread implementation has been limited due to various challenges in harnessing the full advantages of this technology.
