In 2019, JPM Coin, a digital currency used to transact US dollars, was released.
So far, JPM Coin has handled over $300 billion in transactions.
JPMorgan Chase & Co., a major financial services provider, has taken a significant step towards incorporating blockchain technology into conventional banking by launching euro-based payments using its JPM Coin for business customers.
Similar to actions in 2021 when the cryptocurrency market was booming, traditional financial institutions are exhibiting substantial interest in the crypto and blockchain industry.
The JPM Coin payment system is now accepting Euro-denominated transactions from customers of JPMorgan. According to Bloomberg, Basak Toprak, director of Coin Systems for Europe, the Middle East, and Africa at JPMorgan, said on Wednesday that JPM Coin is now accepting euro transactions.
Banking on Blockchain Tech
Moreover, in 2019, JPM Coin, a digital currency used to transact US dollars, was released. So far, JPM Coin has handled over $300 billion in transactions, prompting the introduction of support for the euro.
However, this is still a very insignificant aspect of JPMorgan’s payments operation as a whole, which handles almost $10 trillion each day. The full advantages of blockchain initiatives have not yet been realized by banks.
This growth demonstrates JPMorgan’s dedication to integrating blockchain technology into existing banking infrastructure. JPM Coin will be used to facilitate international transactions and improve business operations for JPMorgan Chase’s corporate customers.
Furthermore, massive interest in the cryptocurrency market is being shown by traditional banking behemoths. Several businesses have recently filed for spot Bitcoin ETF with the US SEC. This development comes after BlackRock filed for a spot Bitcoin ETF last week.
Stablecoins, tokenized bank deposits, and central bank digital currencies are all examples of digital currencies. All of them are being widely adopted by firms worldwide. JPMorgan sponsored the proposal of the Monetary Authority of Singapore (MAS) for a single standard to describe requirements for utilizing these currencies.