- JP Morgan Chase has expanded its blockchain payments system to include Euro.
- The expansion marks a significant step in integrating blockchain technology into traditional banking.
- The JPM Coin system has processed over $300 billion in transactions.
In a significant development in finance and technology, JP Morgan Chase has expanded its blockchain payments system, JPM Coin, to include Euro.
This move marks a major step in integrating blockchain technology into traditional banking, offering a new dimension to cross-border transactions.
JP Morgan’s Blockchain Leap
On Friday, June 23, JP Morgan Chase, one of the world’s leading financial institutions, expanded its blockchain payments system to include the Euro. This move is a part of the bank’s ongoing efforts to integrate blockchain technology into traditional banking.
The bank’s blockchain project, JPM Coin, initially designed to facilitate US Dollar transactions, has already processed $300 billion in transactions to date. It will now also handle Euro-denominated payments for corporate clients.
The JPM Coin system is a permissioned blockchain-based payment system for banking. It allows clients to transfer US Dollars held on deposit with JP Morgan within the system. This way, it facilitates the movement of liquidity funding and payments in real-time.
This news has caused interest in the crypto community amid a buzz of major institutions joining crypto.
JP Morgan Expands Amid Buzz of Institutional Push for Crypto?
Last week, Bitcoin’s price surged amid increased institutional interest. The price of Bitcoin increased by 20% in the past week, surpassing $30,000, due to news that several major institutions have applied for spot Bitcoin exchange-traded funds (ETFs).
BlackRock, a global investment management corporation with over $8 trillion, has applied to launch a spot Bitcoin ETF.
Despite the cautious approach of regulatory bodies like the SEC, these firms are actively seeking approval for their Bitcoin ETFs.
On the Flipside
- DailyCoin reached out to JP Morgan about this topic. Its representatives underlined that its blockchain payment system is not analogous to cryptocurrency and does not tokenize clients’ assets.
- Blockchain payments are a tiny part of JP Morgan’s business. So far, the bank used it to process $300 billion in transactions since its launch. On the other hand, JP Morgan processes almost $10 trillion in transactions daily.
Why This Matters
JP Morgan’s expansion of its blockchain payments system to include Euro payments highlights blockchain use cases in traditional banking.
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