JPM Coin Now Supports Euro-Denominated Payments
• JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019.
• Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.
• JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain-based payment system, JPM Coin.
JPMorgan Launches JPM Coin
JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019. It is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems.
Siemens AG First Company To Process Euro Payments On Blockchain
Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain. According to US securities laws, financial firms including banks are required to keep business records for three years.
JPMCoin Accepting Euro Transactions
According to JPMorgan’s head of Coin Systems for Europe, the Middle East and Africa Basak Toprak, JPMCoin started accepting euro transactions on June 21st. The platform’s first euro payment was made by Siemens AG.
Features Of JPMCoin
The JPM Coin was launched in October 2020 as part of JPMorgan’s blockchaiin-based platform known as Onyx Coin Systems. So far, it has processed more than $300 billion worth of transactions making it one of the most used blockchains by a traditional financial institution. It enables institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.
JPMorgan’s OnyxCoin System
JPMorgan launched OnyxCoin Systems in 2020 aiming to improve the quality of wholesale payment transactions. As of April 2023, it had processed nearly $700 billion worth of short term loan transactions