JP Morgan Chase & Co. is taking a big bet on blockchain technology. The company has launched euro-based payments using its JPM Coin for business customers, a move that could revolutionize the way we bank.
Banks and other traditional financial institutions are once again taking a serious look at the crypto and blockchain industry, following a period of intense interest in 2021.
JPMorgan clients may now make Euro-denominated payments using the JPM Coin payment system. Basak Toprak, JPMorgan’s director of Coin Systems for Europe, the Middle East, and Africa, told Bloomberg on Wednesday that JPM Coin has begun processing euro transactions.
He stated rapid transfers are a game-changer for corporate treasurers, giving them the ability to make payments close to their due date and reap the benefits of better liquidity management, lower fees, and higher interest income.
Siemens AG, a German multinational conglomerate, made the first euro-denominated payment using JPM Coin.
JPM Coin is a digital coin that’s been used to process $300 billion in payments since 2019, but that’s just a fraction of the $10 trillion in daily payments that JP Morgan handles.
Morgan Chase is a bank that is constantly looking ahead, and blockchain is a significant part of that future. The bank is significantly investing in blockchain technology, and it’s clear that they believe it has the potential to revolutionize the financial system.
Traditional financial institutions are warming up to Bitcoin. Several companies have recently filed for a spot Bitcoin ETF with the US SEC, signaling a growing acceptance of this digital asset.
Businesses all across the world are progressively adopting digital currencies such as stablecoins, tokenized bank deposits, and central bank digital currencies.
