JPMorgan began processing payments denominated in euros with sound stablecoin JPM Coin. German Siemens made the first transaction on the blockchain platform from the American bank.
This Friday, Bloomberg reports that JPMorgan now enables its customers to make payments with the european currency via its JPM Coin system.
JPM Coin, which the bank launched in 2019 to transfer dollars, opened up to euro transactions on Wednesday,” Basak Toprak, EMEA Head of Coin Systems for the financial institution, said in an interview.
Since its launch, JPM Coin processed nearly 300 billion in transactions. It is, however, a very small part of the bank’s payment activities. JPMorgan processes almost $10,000 billion in transactions every day.
Unlike traditional money transfer solutions, JPM Coin transmits funds on the blockchain. The key: an available system 24/24 and 7/7 and faster transaction execution.
Basak Toprak pointed out that the German group Siemens had carried out the first euro transaction using the solution.
In recent news, the Onyx Blockchain platform from JPMorgan entered 6 Indian banks in test.
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