JPMorgan Enables Euro-Denominated Blockchain Payments through JPM Coin
JPMorgan has expanded
its JPM Coin blockchain payment service to include
euro-denominated transactions for corporate clients.
The platform, launched
in 2019 for dollar payments, allows wholesale payments clients
to transfer dollars or euros between JPMorgan accounts around the world, or make payments
to other customers of the bank using
blockchain technology instead of traditional payment methods.
Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa,
reportedly said corporate treasurers could use the system to manage liquidity more effectively, such as initiating payments just before they are due
to earn more interest income on their deposits.
“There are cost benefits to paying at the right time,” Toprak said.
“This could mean they could earn more interest income on their deposits.”
JPM Coin payments
operate 24 hours a day, unlike traditional transactions t
hat are typically only processed during business hours and are executed
more quickly.
