American multinational investment banking giant JPMorgan launched euro blockchain transactions with JPM Coin this week and saw massive activity in its first days alone.
On Wednesday, JPM Coin, which first launched in 2019, went live with euro transactions, processing over $300 billion worth in just a couple of days, according to a Bloomberg report.
JPM Coin is a digital coin developed by JPMorgan Chase that aims to be pegged to the US dollar or euro and is designed to facilitate faster and more secure cross-border payments. When it was launched, JPMorgan also created a new business unit, Onyx, to research and commercialize real-world applications for blockchain and cryptocurrency initiatives.
JPM Coin allows large clients to transact massive amounts of dollars or euros between JPMorgan accounts globally more quickly and efficiently. While JPM Coin’s transaction volume since launch is impressive, it only accounts for a small portion of JPMorgan’s overall transaction volume. Since Wednesday’s launch, JPM Coin has processed around $300 billion in transactions, which is a small fraction of the almost $10 trillion processed daily by the financial giant.
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 center.
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Featured Image: Shutterstock/DanieleGay/Natalia Siiatovskaia
