24 June 2023
Category:
news

JP Morgan Activates Euro Payment Settlement With Its JPM Coin

JP Morgan Activates Euro Payment Settlement With Its JPM Coin
Nicholas Morgan
June 24, 2023 at 12:28 PM

2 min read
JP Morgan has gone live with its first blockchain transaction for its corporate clients in Europe using its own token.
The JPM Coin transaction was conducted by Siemens AG, the large Germany-based conglomerate, in a Euro-denominated payment on the JP Morgans permissioned blockchain. A bank executive told
Bloomberg
that this was the first Euro-denominated JPM Coin transaction.
A permissioned blockchain is a distributed ledger that is not publicly accessible. The bank said that JPM Coin is only made available to its institutional clients, and only for settling payments.
Banks and other TradFi companies have been exploring ways to use blockchain technologies as part of their business. For them, conducting transactions on a blockchain is a potential way to speed up settlement in a secure way.
Coin Services
division in 2019. This allowed transfers between various client accounts to take place 24/7 using the blockchain instead of traditional payment rails, like wire transfers. Rather than being confined only to business hours, transactions on the ledger can happen at any day or time.
Though it is now four years old, transactions made using the JPM Coin add up to about $300 billion. According to JP Morgan, it processes about
$9.8 trillion
in daily payments.
Further, JP Morgan’s clients are not the only ones who have been making use of crypto to do business.
On Thursday, German software giant SAP announced that it was using Circle’s

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