JPMorgan has blockchain payments in euros
Date: 2023-06-23 Author: Karina Ziganova Categories: BLOCKCHAIN
One of the largest banks, JPMorgan, has expanded the range of services offered by introducing blockchain payments in euros for corporate clients using the JPM Coin token.
JPM Coin, launched in 2019 to transfer dollars, is now available for payments in euros. The first payment in the new system was made by Siemens AG
The system allows institutional clients, such as large multinational corporations, to transfer dollars or euros to their various JPMorgan accounts. Transfers are available all over the world, including to other customers of the bank, using the blockchain, rather than traditional payment systems. JPM Coin payments are made around the clock, unlike traditional payments, which are processed only during business hours.
Basak Toprak, head of payment systems at JPMorgan for Europe, Middle East and Africa, said that corporate clients can use this system to manage liquidity more effectively.
However, the publication notes that JPM Coin is a rare example of the real use of blockchain by a large bank. Since the launch of the token, the bank has used it to process transfers worth about $300 billion, while the amount is insignificant compared to JPMorgan's total turnover of $10 trillion daily.
However, the publication notes that JPM Coin is a rare example of the real use of blockchain by a large bank. Since the launch of the token, the bank has used it to process transfers worth about $300 billion, while the amount is insignificant compared to JPMorgan's total turnover of $10 trillion daily.
It is noteworthy that the head of JPMorgan, Jamie Dimon, is an ardent opponent of cryptocurrencies. He has repeatedly called cryptocurrencies unreliable assets and urged to stay away from bitcoin. However, this does not prevent Dimon from supporting blockchain as a technology: in his annual letter to shareholders, he wrote that "decentralized finance and blockchain are real new technologies," and continued to tout the bank's efforts to implement them.
JPMorgan's closest competitors are also actively promoting projects related to blockchain and digital assets. For example, Goldman Sachs has launched a digital asset platform for issuing financial securities in the form of digital assets. In addition, the bank has developed blockchain technology to increase the speed of transactions. The technology should also facilitate a networked computing environment that is suitable for providing collaborative token requirements.
JPMorgan's closest competitors are also actively promoting projects related to blockchain and digital assets. For example, Goldman Sachs has launched a digital asset platform for issuing financial securities in the form of digital assets. In addition, the bank has developed blockchain technology to increase the speed of transactions. The technology should also facilitate a networked computing environment that is suitable for providing collaborative token requirements.
