JPMorgan’s blockchain project expands to include euro-denominated payments

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JPMorgan’s blockchain project expands to include euro-denominated payments

By Charles Thuo - min read
  • JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019.
  • JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems.
  • Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.

According to a Bloomberg report, JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain-based payment system, JPM Coin.

The news comes shortly after JPMorgan Chase was fined $4 million by the US SEC for mistakenly deleting 47 million emails dated between January 1 and April 23, 2018. The emails were reportedly deleted in June 2019 According to US securities laws, financial firms including banks, are required to keep business records for three years.

JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa, Basak Toprak, claims that JPM Coin started accepting euro transactions on June 21. According to Toprak, the platform’s first euro payment was made by the German conglomerate Siemens AG.

JPM Coin

The JPM Coin was launched in October 2020 as part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems. The JPM Coin is the cryptocurrency of JPMorgan’s Onyx blockchain.

So far, JPM Coin has processed more than $300 billion worth of transactions, making it one of the most used blockchains by a traditional financial institution.

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.

JPMorgan’s Onyx Coin Systems

JPMorgan launched Onyx Coin Systems in 2020, aiming to improve the quality of wholesale payment transactions.

As of April 2023, Onyx had processed nearly $700 billion worth of short-term loan transactions.