JPMorgan Starts Euro Blockchain Payments for Corporates
- JPMorgan processed over $300 billion since system launched
- Blockchain projects have yet to yield large benefits for banks
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JPMorgan Chase & Co. expanded one of the most high-profile projects to bring blockchain technology to traditional banking, introducing euro-denominated payments for corporate clients using its JPM Coin.
JPM Coin, which the bank launched in 2019 to move dollars, went live with euro transactions on Wednesday, Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East and Africa, told Bloomberg News. Germany’s Siemens AG conducted the first euro payment on the platform, Toprak said. A Siemens representative confirmed the cross-border transaction.