JPMorgan Expands Its Blockchain-Based Token to Euro Payments: Bloomberg

Banking elephantine JPMorgan (JPM) has expanded its blockchain-based colony token JPM Coin to euro-denominated payments, Bloomberg reported connected Friday.

JPM Coin went unrecorded with euro payments connected Wednesday, according to the report, citing an interrogation with the bank's caput of Coin Systems for Europe Basak Toprak. German tech steadfast Siemens conducted the archetypal euro outgo connected the platform.

Since its inception successful 2019, implicit $300 cardinal successful transactions person been processed utilizing JPM Coin, making it 1 of the astir extended uses of blockchain exertion by a accepted fiscal institution. The strategy allows JPMorgan's organization clients to marque wholesale payments betwixt accounts astir the satellite utilizing blockchain tech arsenic the rails.

The $300 cardinal is inactive but a driblet successful the water compared to the astir $10 trillion that JPMorgan processes by accepted means connected a regular basis.

JPMorgan did not instantly respond to CoinDesk's petition for further comment.