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JPMorgan is reportedly developing the infrastructure to run a new deposit token, allowing settlements between banks for corporate clients. Financial giant JPMorgan is making another move into the crypto space with a new blockchain-based solution for cross-border transactions, reveals a report by Bloomberg. The system, however, won't be available until the bank receives the green light from regulators in the United States.  JPMorgan has reportedly developed most of the infrastructure to run the new deposit token , which will be first launched for corporate clients to speed up payments and settlements . Deposit tokens are issued on a blockchain by a deposit ory institution to represent a deposit position. The solution contrasts with stablecoins, which are usually issued by a non-bank private entity. The product is also different from its JPM Coin, which already allows corporate clients to transfer dollars and euros across the financial institution. The new deposit token , meanw...

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. “...