Financial services giant JPMorgan Chase & Co is stepping up efforts to integrate blockchain technology into traditional banking by introducing euro-based payments for corporate clients using its JPM Coin.
These traditional financial firms are showing significant interest in the crypto market and blockchain, just as they did in 2021 when the crypto market rose. JPMorgan began processing Euro-denominated payments with its JPM Coin payment system. JPM Coin went live with euro transactions on Wednesday, Basak Toprak, head of JPMorgan Coin Systems for Europe, the Middle East and Africa.
The JPM Coin payment system was launched in 2019 involving US dollars. The euro expansion comes as JPM Coin has processed more than $300 billion in transactions to date. However, it's still a small part of JPMorgan's overall payments business, which processes nearly $10 trillion daily.
This expansion demonstrates JPMorgan's continued commitment to leveraging blockchain technology within the traditional banking system. The use of JPM Coin aims to streamline cross-border payments and increase efficiency for corporate customers.
JPMorgan Chase & Co is showing great interest in the crypto sector. Last week, BlackRock iShares filed a Bitcoin ETF position with the US SEC, which follows a large number of firms to re-file their Bitcoin ETFs with the US SEC. On the other hand, EDX Markets backed by Citadel Securities, Fidelity Investments and Charles Schwab also announced crypto trading.
The crypto market has recently recovered after interest among institutions.
