NewsletterBreaking: JPMorgan Launches Euro Blockchain Payments Using JPM Coin
Financial services giant JPMorgan Chase & Co step-up efforts to integrate blockchain technology into traditional banking by introducing euro-based payments for corporate clients using its JPM Coin. Traditional finance firms are showing significant interest in the crypto and blockchain space, just like they did in 2021 when the crypto market went up.
JPMorgan Introduces Euro Blockchain Payments for Corporate Clients
JPMorgan starts processing Euro-denominated payments with its JPM Coin payment system. JPM Coin went live with euro transactions on Wednesday, Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East and Africa, told Bloomberg.
JPM Coin payment system was launched in 2019 to move U.S. dollars. The euro expansion comes as JPM Coin has processed over $300 billion in transactions to date. However, it is still a small part of JPMorgan’s overall payments business, which processes nearly $10 trillion daily. Banks are yet to reap the full benefits of blockchain projects.
This expansion indicates JPMorgan’s continued commitment to leveraging blockchain technology within traditional banking systems. The use of JPM Coin aims to streamline cryptocurrency payments and enhance efficiency for corporate clients.
Traditional financial giants are showing massive interest in the crypto sector. Last week, BlackRock iShares filed for a spot Bitcoin ETF with the US SEC, which followed a large number of firms to refile their Bitcoin ETF with the US SEC. In addition, EDX Markets-backed by Citadel Securities, Fidelity Investments, and Charles Schwab announced crypto trading. It initially offers trading of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Also Read: BinanceUS Restores USD Withdrawals And Announces Major Changes; USDT Depegs
JPMorgan also contributed Monetary Authority of Singapore’s (MAS) proposal of a common standard to specify conditions for using digital currencies such as stablecoins, tokenized bank deposits, and central bank digital currencies.
The crypto market recently rebounded after renewed institutional interest in crypto, Bitcoin price is currently trading at $30112, up nearly 20% in a week.
Also Read: Bitcoin, Ethereum Retraces After The BOE’s 50 Bps Rate Hike, US Fed Powell Testimony
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