JPMorgan Enables Euro Blockchain Payments With JPM Coin – Report

American investment bank JPMorgan Chase & Co has enabled Euro-denominated payments via the JPM Coin, the native currency for their blockchain. Thus expanding the use of one of the projects known to promote the application of blockchain technology in traditional banking. 

According to a Bloomberg report today, Basak Toprak, JPMorgan’s Head of Coin Systems for Europe, the Middle East, and Africa, confirmed that activation of the JPM Coin for Euro payments occurred on Wednesday, June 21.

He further stated that German Corporation Siemens AG conducted the first Euro-denominated transaction with the JPM Coin. A statement that a representative of Siemens corroborated.

Launched in 2019, The JPM Coin is a blockchain-based permission system that serves as a payment rail and deposit account ledger, allowing wholesale payment clients of JPMorgan to conduct transactions in dollars – and now euros – using blockchain technology instead of the traditional payment systems.
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In explaining the efficiency of the JPM Coin to Bloomberg, Basak Toprak expatiated on how corporate treasurers can utilize the payment system to improve liquidity management. 

He said:

There are cost benefits to paying at the right time. This could mean they could earn more interest income on their deposits.
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Furthermore, JP Morgan is the first bank to launch into the metaverse, opening a lounge in the prominent blockchain-based virtual world, Decentraland. 

More recent strides in the blockchain space by JPMorgan include its collaboration with the Monetary Authority of Singapore in developing the whitepaper of the Apex bank’s digital money protocol alongside other prominent institutions such as the IMF, Amazon, DBS, etc. 

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