JP Morgan Chase has begun to allow clients to use its blockchain-based payment system for EU payments, Bloomberg reported June 23.
That report indicates that JP Morgan began to offer JPM Coin for transactions denominated in euros for the first time on June 21.
Siemens uses JPM Coin for transfer
The German multinational conglomerate Siemens AG was responsible for the first payment.
Both JP Morgan and Siemens AG confirmed the transaction to Bloomberg. Neither company reported the size of the transaction.
Bloomberg noted that JPM Coin can be transferred 24/7 because it is a blockchain-based asset. Basak Toprak, JPMorgan’s head of Coin Systems for Europe and MENA, said that JPM Coin has numerous advantages for this reason.
He said that rapid transfers allow companies to make payments close to their due date. This allows corporate treasurers to manage liquidity more effectively, take advantage of cost benefits, and earn more interest income on deposits.
JPM Coin is now four years old
JPM Coin has been available to institutional clients since 2019. The asset has processed $300 billion in payments since that date, Bloomberg reported, though this amounts to just a small fraction of JP Morgan’s $10 trillion in daily payments.
JP Morgan has recently undertaken other blockchain-related efforts. In June 2023, it announced a pilot program for interbank blockchain settlements in India. In November 2022, it executed a public blockchain transaction in Singapore.
The firm also offers its Onyx suite of blockchain tools. It was responsible for the enterprise Ethereum platform Quorum before it sold the product to ConsenSys in 2020.
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