• In 2019, JP Morgan launched JPM Coin, a live blockchain application aimed at providing an alternative payment rail that runs on the blockchain.
  • JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems.
  • German conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.

Bloomberg reports that JP Morgan has introduced euro-denominated payments for its corporate customers on its blockchain-based payment system JPM Coin.

The news comes after JPMorgan Chase has been fined $4 million by the US SEC for mistakenly deleting 47 million emails dated January 1 through April 23, 2018. announced shortly after. The email was reportedly deleted in June 2019. US securities laws require financial companies, including banks, to keep their business records for three years.

Basak Toprak, head of coin systems for Europe, the Middle East and Africa at JP Morgan, claims that the JPM coin started accepting euro transactions on June 21. Toprak said the first euro payment to the platform was made by the German conglomerate Siemens AG.

JPM Coin

JPM Coin was launched in October 2020 as part of JP Morgan’s blockchain-based platform known as Onyx Coin Systems. JPM Coin is the cryptocurrency of JP Morgan’s Onyx blockchain.

To date, JPM Coin has processed over $300 billion in transactions, making it one of the most used blockchains in traditional financial institutions.

JPM Coin will allow JP Morgan’s institutional clients to use blockchain technology as a rail to make large-scale payments between accounts around the world.

JPM Coin will allow JP Morgan’s institutional clients to use blockchain technology as a rail to make large-scale payments between accounts around the world.

JP Morgan’s Onyx Coin System

JP Morgan launched Onyx Coin Systems in 2020 with the aim of improving the quality of wholesale payments transactions.

As of April 2023, Onyx has processed approximately $700 billion worth of short-term lending transactions.

By Jules

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