JP Morgan has activated the settlement of euro payments using its JPM Coin. This marks the first blockchain transaction for the bank’s corporate clients in Europe. Siemens AG conducted the transaction on JP Morgan’s authorized blockchain, denominated in euros. The JPM Coin is exclusively available to institutional clients and is used for payment settlement. Traditional financial sector companies are also exploring blockchain technology for secure and accelerated settlement processes. JP Morgan introduced its Coin Services division in 2019, allowing 24/7 transfers between client accounts using blockchain. The volume of transactions with JPM Coin currently stands at around $300 billion. German software giant SAP has also announced the use of Circle’s US Dollar Coin (USDC) for cross-border payments, aiming to speed up the process for SMEs. JP Morgan has partnered with six major Indian banks to develop a blockchain-based platform for interbank settlement of dollar transactions, with the goal of enhancing the existing settlement system and positioning GIFT City as an alternative trading hub. JP Morgan’s blockchain-based platform Onyx aims to improve wholesale payment transactions, with plans to process short-term loan transactions worth nearly $700 billion by April 2023.
Continue reading on Cryptonomist.ch
