JPMorgan bank deploys JPM Coin for euro-denominated payments
Germany’s conglomerate Siemens AG was reportedly the first company to process euro-denominated payments using JPM Coin. The United States-based investment bank JPMorgan is expanding the implementation of one of its major blockchain projects, JPM Coin, into traditional banking. JPMorgan has deployed its blockchain-based payment system, JPM Coin, to introduce euro-denominated payments for corporate clients, Bloomberg reported on June 23. According to Basak Toprak, JPMorgan’s head of Coin Systems for Europe Middle East and Africa, JPM Coin went live with euro transactions on June 21. Germany’s conglomerate Siemens AG conducted the first euro payment on the platform, Toprak said. The system enables wholesale payments such clients, including large multinational firms, to transfer euros to and from their JPMorgan accounts instantly and 24/7. That brings a significant improvement in comparison to traditional banking transactions, which are usually processed only during business hours. “