Sunday, June 16, 2024

JPMorgan Launches Euro Blockchain Payments, Processes $300B+ in Days

JPMorgan Launches Euro Blockchain Transactions with JPM Coin, Processing Over $300 Billion in Days

In an exciting development this week, JPMorgan, the renowned American multinational investment banking giant, introduced euro blockchain transactions using its JPM Coin. The initiative garnered significant attention and activity during its initial days of operation.

According to a recent report from Bloomberg, JPM Coin, which was initially unveiled in 2019, successfully commenced euro transactions on Wednesday. Remarkably, within just a couple of days, it facilitated over $300 billion worth of transactions.

JPM Coin, developed by JPMorgan Chase, is a digital currency specifically designed to be pegged to either the US dollar or the euro. Its primary objective is to facilitate faster and more secure cross-border payments. JPMorgan’s commitment to blockchain and cryptocurrency initiatives led to the creation of a dedicated business unit, Onyx, which focuses on researching and implementing real-world applications for these technologies.

By utilizing JPM Coin, large-scale clients can execute substantial dollar or euro transactions between JPMorgan accounts worldwide with enhanced speed and efficiency. Although the transaction volume achieved since the launch of JPM Coin is undeniably impressive, it currently represents only a fraction of JPMorgan’s overall transaction volume. The financial giant processes nearly $10 trillion daily, making the $300 billion processed by JPM Coin since its recent introduction a relatively small portion.

Earlier this month, JPMorgan made further strides in the blockchain space by collaborating with six prominent Indian banks. Together, they successfully launched a blockchain-based platform for settling interbank dollar transactions in the bustling trading center of New Delhi. This strategic partnership highlights JPMorgan’s ongoing commitment to innovation and its pursuit of leveraging blockchain technology in diverse financial landscapes.

Read Also: Custodia CEO Urges Regulatory Clarity as 90% of Crypto Industry Faces 'Flush Out' Demands

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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