J.P. Morgan Completes Blockchain Transaction Using JPM Coin For European Clients
Milestone Date: June 24, 2023
J.P. Morgan used its own token, JPM Coin, to complete its first blockchain transaction for corporate clients in Europe.
The transaction was completed by Siemens AG, a large German multinational technology organization, and was the first euro-denominated transaction on J.P. Morgans’ permissioned blockchain. As regulatory certainty with respect to blockchain and cryptocurrency continues to improve in Europe, and especially in Germany, German multinationals and banks are demonstrating more interest in distributed ledger technology. JPM Coin was first launched in 2019 and is a feature of the Coin Systems part of J.P. Morgan’s Onyx portfolio of blockchain solutions. Although the European transactions are a first for the private chain, existing transactions made with JPM Coin have already added up to $300 billion and the chain processes about $9.8 trillion in daily payments according to the financial institution.
Compared to traditional financial networks (aka “TradFi”), leveraging the 24/7 nature of blockchain to conduct financial transactions is not only a way for institutions to speed up settlements securely, but also to reduce the cost of those settlements.
By Elizabeth Morrison
Published:June 24, 2023