JPMorgan Launches Euro Payments on Blockchain – Get Ready for 100x Potential!
• JPMorgan launched the JPM Coin in 2019, a live blockchain application aiming to provide an alternative payment rail running on blockchain.
• Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain.
• JPMorgan’s Onyx Coin Systems has processed nearly $700 billion worth of short-term loan transactions since its launch in 2020.
JPMorgan Launches Blockchain Project
JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019. The JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems and has so far processed more than $300 billion worth of transactions, making it one of the most used blockchains by a traditional financial institution. The platform enables institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain tech as the rails.
Euro Denominated Payments
Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain according to a Bloomberg report. JPM Coin has started accepting euro transactions since June 21 and has successfully processed its first euro payment from Siemens AG. This move comes shortly after JPMorgan Chase was fined $4 million by the US SEC for mistakenly deleting 47 million emails dated between January 1 and April 23, 2018 that were required under US securities laws for financial firms including banks to keep records for three years.
Onyx Coin Systems
JPMorgan launched Onyx Coin Systems in 2020, aiming to improve the quality of wholesale payment transactions. As of April 2023, Onyx had processed nearly $700 billion worth of short-term loan transactions. Onyx provides users with fast and secure access to capital markets data and analytics from across different asset classes such as equities, fixed income, FX and commodities through its advanced real-time pricing engine which pulls data from over 150 exchanges globally.
Advantages Of Using Blockchain Tech
Using blockchain technology can help enable faster payments with greater security due to its immutability feature which helps protect against fraud or tampering with records during transaction processing compared to traditional banking systems where verification processes can be slow and costly due its reliance on manual recordkeeping methods or paper works such as cheques or invoices which also need time consuming physical verification steps before they can be settled or cleared by banks or other financial institutions creating delays in final settlement times leading up cost increases for customers placing orders online or making purchases at brick & mortar stores using digital payments methods such as credit cards or debit cards etc..
By introducing euro denominated payments coupled with its existing USD based system via JMP coin & Onyx coin systems respectively , JP Morgan is looking forward towards providing improved speed & security while reducing cost associated with traditional banking systems during online purchase or digital payments across countries while providing customers with faster & secure access capital market data & analytics in real time .