JP Morgan Expands Blockchain Payments to Euro: Institutional Push into Crypto Grows

• JP Morgan Chase has expanded its blockchain payments system, JPM Coin, to include Euro.
• The JPM Coin system is a permissioned blockchain-based payment system for banking that has processed over $300 billion in transactions.
• This expansion marks a significant step in integrating blockchain technology into traditional banking, offering a new dimension to cross-border transactions.

JP Morgan Expands Blockchain Payments System

JP Morgan Chase has expanded its blockchain payments system, JPM Coin, to include Euro. This move marks a major step in integrating blockchain technology into traditional banking and offers a new dimension to cross-border transactions. The JPM Coin system is a permissioned blockchain-based payment system for banking that has processed over $300 billion in transactions.

Institutional Interest In Crypto

The news of increasing institutional interest in crypto has caused excitement among the crypto community. Last week, Bitcoin’s price surged by 20%, surpassing $30,000 due to news that several major institutions have applied for spot Bitcoin exchange-traded funds (ETFs). However, regulatory bodies like the SEC remain cautious about approving these applications.

Clarifying Position On Crypto

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 small part of JP Morgan’s business.

Advantages Of Blockchain Technology

JP Morgan’s use of blockchain technology offers advantages such as fast real-time movement of liquidity funding and payments which would be difficult or expensive with traditional systems. It also provides improved security for customers‘ data as well as transparency on their financial activities which can help reduce fraud and money laundering risks associated with international transfers of funds.

Conclusion

JP Morgan’s expansion of its blockchain payments system shows progress towards utilizing the potential benefits offered by this technology within traditional banking systems and could revolutionize how cross border payments are made in the future.