JP Morgan Coin To Be The Future Of The Euro?
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June 23, 2023 11:08 am
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JP Morgan continues to expand its reach into the blockchain sector by exploring proprietary, institutionally controlled platforms, technology, and controversial CBDCs.
JPM Coin, or JP Morgan Coin, is currently one of the most widely used institutional blockchain options.
The coin was originally launched as part of the financial giant’s broader platform known as Onyx. Roughly $700 billion in transactions have already been settled using the Onyx system since 2020.
Now JP Morgan is expanding its blockchain offerings into European markets with the first Euro-denominated payment taking place on its centralized blockchain ledger system.
Multiple traditional finance outlets as well as crypto outlets all confirmed:
JPMorgan expands one of the most high-profile projects to bring blockchain technology to traditional banking, introducing euro-denominated payments for corporate clients using its JPM Coin https://t.co/xnnHhZC7Jk
— Bloomberg Crypto (@crypto) June 23, 2023
🧐U.S. investment bank JPMorgan has officially expanded its blockchain platform JPM Coin from dollars to euros. https://t.co/Qapx95W1Q1
— Cointelegraph (@Cointelegraph) June 23, 2023
Coin Journal explains:
JPM Coin enables the institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.
JPM Coin enables the institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.
The JPMorgan bank has launched JPM Coin for euro-denominated payments and Siemens AG was the first to process payments using it. #JPMCoin #digitalcurrency #payments #SiemensAG
— Block Savvy (@Block_Savvy) June 23, 2023
A slightly deeper dive into @jpmorgan extending JPM Coin to support euros
Bloomberg said at $300m this was one of larger #blockchain deployments
There are multiple trillion dollar ones:https://t.co/NnagXeXR8z
— Ledger Insights (@LedgerInsights) June 23, 2023
Crypto Briefing reports:
JPM Coin, which debuted in 2019, aims to provide a parallel payment system built on blockchain technology.
The bank experiences daily payment volumes up to around $10 trillion, highlighting the potential for scaling up, as the bank has reportedly processed approximately $300 billion in JPM Coin transactions.
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