Banking giant JP Morgan, known for its moves on cryptocurrencies, has expanded its blockchain-based payment system JPM Coin.
As Bloomberg reports, JP Morgan has expanded its blockchain-based payment system JPM Coin to include transactions in euros for institutional customers.
Speaking to Bloomberg News, Başak Toprak, head of Coin Systems Europe, Middle East and Africa at JPMorgan, said that JPM Coin, which the bank started for dollar payments in 2019, also started euro payment transactions yesterday.
“Payments in euros for corporate customers have also started at JPM Coin.
The first euro payment on the platform was made by German technology giant Siemens.
What is JPM Coin?
First launched for US dollar payments in 2019, JPM Coin is a blockchain-based payment system.
JPM Coin allows JPMorgan customers, such as large and multinational corporations, to transfer funds between JPMorgan accounts worldwide and pay other bank customers using blockchain technology instead of traditional payment methods.
JPM Coin has no limited opening hours like standard banking hours and is faster.
JPM Coin's euro payment expansion comes after JPM Coin has processed over $300 billion in transactions to date.