JP Morgan Launches Blockchain Euro Payments
• JP Morgan Chase has expanded its blockchain payments system to include the Euro, marking a major step in integrating blockchain technology into traditional banking.
• The JPM Coin system has processed over $300 billion in transactions and allows clients to transfer US Dollars held on deposit with JP Morgan within the system.
• This news comes amidst a buzz of major institutions joining crypto, as BlackRock has applied to launch a spot Bitcoin ETF and other firms actively seeking approval for their own Bitcoin ETFs.
Integrating Blockchain Technology Into Traditional Banking
On Friday, June 23, JP Morgan Chase expanded its blockchain payments system, JPM Coin , to include the Euro. This move is a part of the bank’s ongoing efforts to integrate blockchain technology into traditional banking. The bank’s blockchain project, which initially designed to facilitate US Dollar transactions , has already processed $300 billion in transactions so far . It will now also handle Euro-denominated payments for corporate clients, allowing them to transfer US Dollars held on deposit with JP Morgan within the system.
Institutional Push For Crypto?
Last week, Bitcoin’s price surged amid increased institutional interest. The price of Bitcoin increased by 20% in the past week due to news that several major institutions have applied for spot Bitcoin exchange-traded funds (ETFs). BlackRock , a global investment management corporation with over $8 trillion , has applied to launch a spot Bitcoin ETF . Other firms are also actively seeking approval for their own Bitcoin ETFs from regulatory bodies like SEC despite caution .
JPM Coin Not Analogous To Cryptocurrency
DailyCoin reached out to JP Morgan about this topic and its representatives underlined that its blockchain payment system is not analogous to cryptocurrency and does not tokenize clients’ assets. Blockchain payments are only a tiny part of JP Morgan’s business so far.
JP Morgan Chase’s expansion of its blockchain payments system marks an important step towards integrating blockchain technology into traditional banking systems and could potentially pave way for more mainstream adoption of cryptocurrencies in financial services sector worldwide.