JPMorgan uses JPM Coin for euro payments.

The investment bank JPMorgan, based in the United States, is expanding one of its major blockchain projects into traditional banking.

JPMorgan is introducing euro-denominated payments for corporate clients using its blockchain-based payment system, JPM Coin, as reported by Bloomberg on June 23. A JPMorgan spokesperson confirmed to Cointelegraph that the bank had expanded the JPM Coin blockchain platform from U.S. dollars to euros.

JPM Coin went live with euro transactions on June 21, according to Basak Toprak, JPMorgan’s head of coin systems for Europe, the Middle East, and Africa. German conglomerate Siemens reportedly conducted the first euro payment on the platform.

The system enables wholesale payments for clients, including large multinational firms, to transfer euros to and from their JPMorgan accounts instantly and 24/7, significantly improving traditional banking transactions, which are usually only processed during business hours.

JPMorgan’s Toprak said, “There are cost benefits to paying at the right time. This could mean they could earn more interest income on their deposits.”

JPM Coin, launched in 2019, is a live application that aims to provide an alternative payment rail running on blockchain. Since its launch, JPMorgan has reportedly processed about $300 billion of transactions in JPM Coin. The bank is yet to scale the system, as its overall daily payments volumes reportedly amount to roughly $10 trillion.

JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems. JPMorgan launched Onyx in 2020, aiming to improve the quality of wholesale payment transactions. The bank reportedly processed nearly $700 billion in short-term loan transactions via Onyx as of April 2023.

The news comes amid JPMorgan being fined $4 million by the U.S. Securities and Exchange Commission over mismanagement of internal communications. In 2019, the bank reportedly mistakenly deleted about 47 million emails of its retail banking group dated from January 1 to April 23, 2018. According to U.S. securities laws, financial firms must keep business records for three years.

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