JPMorgan Chase & Co recently began euro-denominated DLT payments for corporate clients on its permissioned blockchain, JPM Coin. In an article reporting on the development (paywalled), Bloomberg calls it “one of the most high-profile projects to bring blockchain technology to traditional banking”.
JPM Coin, which launched in 2019, had transacted only in dollars until now. German firm Siemens AG is said to have made the first euro payment on the platform. As a permissioned blockchain, JPM Coin is currently available only to institutional clients, and only for settling payments. It allows users to transfer dollars or euros between various JP Morgan accounts around the world, whether it’s to another one of their own or a customer’s. Unlike traditional payment rails, JPM Coin operates around the clock, so transactions can go through even outside of business hours.
Bloomberg reports that JPM Coin remains “a miniscule part of JPMorgan’s payments business”, so far transacting about US$300 billion in the four years since its launch compared to the US$10 trillion JP Morgan processes daily.
