• JPMorgan launched JPM Coin, a blockchain-based payment platform, in 2019.
• Recently, it has expanded the platform to include euro-denominated payments.
• The first euro payment was made by German conglomerate Siemens AG on June 21.
JPMorgan’s Blockchain Project
JPMorgan launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019. JPM Coin is part of JPMorgan’s blockchain-based platform known as Onyx Coin Systems which has processed more than $300 billion worth of transactions so far.
Recently, JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain -based payment system, JPM Coin. Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain and the first euro payment was made by Siemens AG on June 21.
Onyx Coin Systems
JPMorgan launched Onyx Coin Systems in 2020 which aims to improve the quality of wholesale payment transactions and as of April 2023 had processed nearly $700 billion worth of short-term loan transactions.
US SEC Fine
In June 2019 JPMorgan Chase was fined $4 million by the US SEC for mistakenly deleting 47 million emails dated between January 1 and April 23 2018 which were reportedly deleted despite US securities laws which require financial firms including banks to keep business records for three years.
Overall, with the addition of euro denominated payments into its existing OnyxCoin System platform and continuous expansion plans with various corporate clients around Europe and other parts of the world; JPMorgan continues to be at forefront when it comes to leveraging blockchain technology for financial services industry applications.