JPMorgan, an investment bank based in the United States, is extending the usage of one of its major blockchain projects, JPM Coin, into conventional banking.
JPMorgan Extends Usage of JPM Coin to Euro-Based Payments
JPMorgan has implemented its blockchain-based payment network, JPM Coin, to provide euro-based payments for corporate customers, as reported by Bloomberg on June 23. A representative from JPMorgan told Cointelegraph that the bank has extended the JPM Coin blockchain platform from dollars to euros.
Basak Toprak, JPMorgan’s Head of Coin Systems for Europe, Middle East and Africa, has stated that JPM Coin went live with euro transactions on June 21, with Germany’s Siemens AG conducting the first payment on the platform.
The system allows wholesale payments for customers such as large multinational companies to transfer euros to and from their JPMorgan accounts in an instant and 24/7. This is a great improvement compared to traditional banking transactions, which are usually only conducted during business hours.
“JPMorgan’s Toprak stated that there are financial advantages to making payments in a timely manner,” he said. “This could result in them obtaining more interest on their deposits,” he added.
JPMorgan’s Onyx Coin System Processes $700 Billion in Short-Term Loans
Since its launch in 2019, JPM Coin has been a live blockchain application that seeks to offer an alternative payment system based on blockchain technology. According to reports, JPMorgan has handled approximately $300 billion in transactions using JPM Coin since its inception. Nevertheless, the bank has yet to broaden the system, as its daily payment volume is estimated to be around $10 trillion.
JPMorgan is utilizing blockchain technology for 24/7 dollar transfers with Indian banks.
JPMorgan’s blockchain-based platform, Onyx Coin Systems, saw the introduction of JPM Coin in 2020. As of April 2023, it is reported that the bank had processed approximately $700 billion in short-term loan transactions through Onyx, with the goal of bettering the quality of wholesale payment transfers.
The U.S. Securities and Exchange Commission has reportedly imposed a fine of $4 million on JPMorgan for mismanagement of internal communications. It was reported in 2019 that the bank had mistakenly deleted around 47 million emails from its retail banking group which were sent between January 1st and April 23rd, 2018. These emails should have been retained for a period of three years as mandated by U.S. securities laws.
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