Onyx

April

Coin

<p class="is-style-lead">JP Morgan, the U.S.-based investment bank, has widened the scope of its blockchain-oriented payment platform, JPM Coin, to include euro-based transactions for corporate customers.</p> 
<p><a href="https://crypto.news/jpmorgan-deletes-47-million-records-cripples-sec-investigations/" data-type="URL" data-id="https://crypto.news/jpmorgan-deletes-47-million-records-cripples-sec-investigations/" target="_blank" rel="noreferrer noopener">JPMorgan</a>, a prominent investment bank headquartered in the United States, is broadening the use of one of its key blockchain ventures into conventional banking operations.</p> 
<p>The bank has initiated the usage of its blockchain-oriented payment system, termed JPM Coin, to incorporate euro-based payments for its corporate clientele, as reported by <a href="https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros?leadSource=uverify%20wall" data-type="URL" data-id="https://www.bloomberg.com/news/articles/2023-06-23/jpmorgan-jpm-switches-on-jpm-coin-payments-system-in-euros?leadSource=uverify%20wall" target="_blank" rel="noreferrer noopener">Bloomberg</a> on June 23. </p> 
<p>The extension of the JPM Coin blockchain platform to accommodate euros, alongside U.S. dollars, has been verified by a JPMorgan representative.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">JPMorgan expands 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 <a href="https://t.co/xnnHhZC7Jk" target="_blank">https://t.co/xnnHhZC7Jk</a></p>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1672178249214853120?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 23, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>As stated by Basak Toprak, the individual responsible for JPM Coin systems across Europe, the Middle East, and Africa at JP Morgan, the first transaction involving euros was completed on June 21. This payment was executed by German multinational Siemens, as reported by Toprak.</p> 
<p>This system facilitates significant corporate clients to perform euro transfers in and out of their JP Morgan accounts immediately and around the clock, an improvement over typical banking <a href="https://crypto.news/bitcoin-sets-new-record-for-daily-transactions/" data-type="URL" data-id="https://crypto.news/bitcoin-sets-new-record-for-daily-transactions/">transactions</a> that are limited to standard business hours.</p> 
<p> You might also like: <a href="https://crypto.news/jpmorgan-survey-shows-institutional-traders-are-highly-skeptical-about-crypto/"> JPMorgan survey shows institutional traders are highly skeptical about crypto </a> </p> 
<p>Toprak commented on the financial benefits of executing payments at the correct moment, indicating that companies could potentially accrue more interest income on their deposits.</p> 
<p>JPM Coin, initiated in 2019, operates as a live application with the intention of offering an alternative, blockchain-based method for processing payments. It is reported that since its inception, JP Morgan has facilitated approximately $300 billion worth of transactions via <a href="https://crypto.news/jpmorgan-blockchain-division-onyx-jpm-coin-live/" data-type="URL" data-id="https://crypto.news/jpmorgan-blockchain-division-onyx-jpm-coin-live/" target="_blank" rel="noreferrer noopener">JPM Coin</a>. </p> 
<p>However, the bank has not yet fully exploited this system, as its total daily payment volumes are purportedly approximately $10 trillion.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="JPM Coin, Liink &amp; Onyx | JP Morgan In The Crypto Space" width="1020" height="574" src="https://www.youtube.com/embed/U5DcG0KKPg8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>JPM Coin constitutes a part of JP Morgan’s blockchain-oriented platform named Onyx Coin Systems, launched in 2020 with the aim of enhancing the efficiency of wholesale payment transactions. It is reported that the bank has managed nearly $700 billion in short-term loan transactions through Onyx up until April 2023.</p> 
<p>This development occurs amidst reports of JPMorgan being penalized $4 million by the <a href="https://crypto.news/court-ruling-fuels-coinbases-regulatory-quest-against-sec/" data-type="URL" data-id="https://crypto.news/court-ruling-fuels-coinbases-regulatory-quest-against-sec/">U.S. SEC</a> due to inadequate management of internal communications. </p> 
<p>In 2019, the bank reportedly inadvertently erased around 47 million emails from its retail banking group from the period of January 1 to April 23, 2018. According to regulations set out by U.S. securities laws, such records must be retained by financial firms for a duration of three years.</p> 
<p> Read more: <a href="https://crypto.news/j-p-morgan-report-digital-money/"> J.P. Morgan Report: The Rise of Digital Money is Here </a> </p>

JP Morgan expands blockchain payment system to include euros

crypto.news

Other articles published on Jun 23, 2023

NFT Rug Pull Animoon Being Investigated by French Authorities

What Stage Does Historical Data Indicate in Bitcoin? Rise or Fall?

Bitcoin Price Analysis: Fresh 12-Month Highs - 24 June 2023

Is Wall Street Issuing a Legitimacy Signal for Crypto with EDX Markets?

Another Controversial XRP Statement From Max Keiser: Details

DeFi's permissionless nature sets it apart from traditional finance. No barriers, no borders!🌐

Join our free newsletter for daily crypto updates!