• JPMorgan launched euro blockchain transactions with JPM Coin this week, processing over $300 billion worth in just a couple of days.
• JPM Coin is a digital coin designed to facilitate faster and more secure cross-border payments.
• JPMorgan also partnered with six Indian banks to launch a blockchain-based platform for settling interbank dollar transactions in New Delhi’s trading center.
JPMorgan Launches Euro Blockchain Payments
American multinational investment banking giant JPMorgan launched euro blockchain transactions with JPM Coin this week and saw massive activity in its first days alone. On Wednesday, JPM Coin, which first launched in 2019, went live with euro transactions, processing over $300 billion worth in just a couple of days according to a Bloomberg report.
What is JPM Coin?
JPM Coin is a digital coin developed by JPMorgan Chase that aims to be pegged to the US dollar or euro and is designed to facilitate faster and more secure cross-border payments. When it was launched, JPMorgan also created a new business unit called Onyx which researches and commercializes real-world applications for blockchain and cryptocurrency initiatives.
Transaction Volume
JPM Coin allows large clients to transact massive amounts of dollars or euros between JPMorgan accounts globally more quickly and efficiently. Since Wednesday’s launch, JPM Coin has processed around $300 billion in transactions which is only a small fraction of the almost $10 trillion processed daily by the financial giant.
New Delhi Settlement Platform
Earlier this month, JPMorgan made blockchain news by partnering with six Indian banks to launch a blockchain-based platform for settling interbank dollar transactions in New Delhi’s trading center.
Conclusion
In its first few days since launch, JP Morgan’s euro blockchain transaction system has already seen massive activity processing an estimated cash value of over $300 billion worth of international payments through their JPM Coins more rapidly and securely than traditional methods.
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