US multinational investment banker JPMorgan launched euro blockchain transactions with JPM Coin this week and saw massive activity in the first few days alone.
On Wednesday, JPM Coin, which first launched in 2019, went live with euro transactions, process worth more than $300 billion in just a few days, according to a Bloomberg report.
JPM Coin is a digital coin developed by JPMorgan Chase that aims to peg to the US Dollar or Euro and is designed to enable faster and more secure cross-border payments. When it launched, JPMorgan also created a new business unit, Onyx, to research and commercialize real-world applications for blockchain and cryptocurrency initiatives.
With JPM Coin, large customers can transfer huge amounts of dollars or euros between JPMorgan accounts worldwide faster and more efficiently. While JPM Coin’s transaction volume has been impressive since its launch, it only represents a small portion of JPMorgan’s total transaction volume. Since Wednesday’s launch, JPM Coin has processed approximately $300 billion in transactions, which is a small fraction of the nearly $10 trillion processed by the financial giant every day.
Earlier this month, JPMorgan made blockchain news by partnering with six Indian banks to launch a blockchain-based platform for settling interbank dollar transactions in New Delhi’s trading hub.
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Featured image: Shutterstock/DanieleGay/Natalia Siiatovskaia