The JPM Coin project appeared in 2019, and in 2020 the system began to be used for commercial payments. The platform allows customers to make international transfers both to their own accounts and to the accounts of other bank customers. Thanks to blockchain, transfers via JPM Coin can be made around the clock and noticeably faster than with traditional methods.
JPMorgan’s Director of Coin Systems for Europe, Middle East and Africa, Basak Toprak, said euro-denominated payments through JPM Coin were launched Wednesday, June 22. Siemens, one of Germany’s largest conglomerates, has already made its first international payment using a blockchain platform.
“Sometimes it is very important to make payments at the right time. Then the customer can get more revenue or reduce costs,” Toprak explained.
Since the launch of the system, $300 billion in payments have been made through JPM Coin. Meanwhile, JPMorgan processes $10 trillion in traditional payments every day.
Late last year, the bank registered
patent for its own cryptocurrency wallet.