JPMorgan is making significant strides in its efforts to integrate blockchain technology into traditional banking systems.
According to a Bloomberg report on June 23, 2023, the American financial institution has successfully expanded the capabilities of JPM Coin, its blockchain-based payment token, to enable its business clients to conduct financial transactions in Euros.
This new feature will allows its clients, especially large international corporations, to efficiently and continuously transfer euros to and from their JPMorgan accounts using the JPM Coin. This capability will also enable businesses to optimize their cash flows and maximize potential interest gains.
Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa, confirmed that JPM Coin began facilitating euro transactions on June 21, 2023, and the renowned German company Siemens conducted the first euro-based transaction with the token.
When the JPM Coin was initially launched in 2019, JPMorgan announced its intention to provide an alternative payment system for its clients using blockchain technology. The system has reportedly facilitated transactions worth $300 billion despite not yet being fully scaled by the bank.
JPM Coin is part of the Onyx Coin Systems, a blockchain-based platform developed by JPMorgan and introduced in 2020 to enhance the standard of wholesale payment transactions. With Onyx, the bank has processed approximately $700 billion in short-term loan transactions as of April 2023.
Meanwhile, JPMorgan Chase has collaborated with six leading Indian banks to launch a blockchain-based platform to simplify interbank settlement in dollars. Kaustubh Kulkarni, Senior Country Officer for India and Vice Chairman for the Asia Pacific region, announced that a pilot project would be conducted soon to evaluate the performance of the technology in the country’s banking sector.
In another development, JPMorgan is currently facing a $4 million fine from the US Securities and Exchange Commission for mishandling internal correspondence. The accidental deletion of over 47 million emails sent between January 1 and April 23, 2018, from its retail banking group raises concerns about compliance with US securities legislation, which requires financial institutions to preserve business records for a minimum of three years.
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