Once intended for internal operations, the JPM Coin will now serve the European customers by JP Morgan. Siemens AG had the honor of realizing the first blockchain transaction of this kind under the aegis of the financial giant. Overview !
Success of JP Morgan’s first euro blockchain transaction
More and more institutions are currently beginning to turn to blockchain technology to the amenities offered. Just yesterday, SAP officially inducted USDC as an alternative for its cross-border payments.
According to Bloomberg, JPMorgan Chase & Co. has also accelerated in this area. The bank has indeed expanded 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 “, specifies the media.
The first one authorized blockchain transaction denominated in euros at JPMorgan Chase was carried out by Siemens AG.
Attention ! Not to confuse “blockchain” and “authorized blockchain”. You will find in this article a long presentation of what is blockchain.
But Decrypt noted that the permissioned blockchain also looks like a distributed ledger, except that it is not not accessible to the general public. In that of JPMorgan, only authorized customers will have the ability to view transaction data in JPM Coin. Besides, this digital asset remains theprerogative of institutional clients of this financial giant.
More and more oriented towards new technologies
Such is the case with JP Morgan Chase at the moment. Although led by an eternal cryptoskeptic, this banking institution has never ceased to be interested in cryptocurrencies and related technologies.
The JMP Coin, for example, dates from 2019. Since then, it has been used for internal blockchain transactions for dollar transactions. Its advantage also lies in its availability: no time or geographical constraints. Thanks to this device, transfers between various JP Morgan client accounts can be made 24 hours a day, 7 days a week and in any country.
Since then, JP Morgan Chase has been able to effect theequivalent of 300 billion dollars in JPM Coin of transactions.
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