JPMorgan has expanded its blockchain initiative, JPM Coin, to include euro transactions for its corporate clients. The move comes after the platform saw $300 billion in JPM Coin transactions. JPM Coin, which was launched in 2019, aims to provide a parallel payment system built on blockchain technology. The integration of euro transactions enhances traditional banking practices and allows large corporations to transfer euros into and out of their JPMorgan accounts swiftly and at any time. This is a significant improvement compared to the traditional system, which only processes transactions during business hours. The new system is also cost-effective and could result in increased interest income on deposits for clients. JPMorgan’s blockchain platform, Onyx Coin Systems, has reportedly managed nearly $700 billion in short-term loan transactions as of April 2023. However, JPMorgan has faced legal challenges, including charges filed by the U.S. Securities and Exchange Commission for improper handling of internal communications.
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