• JPMorgan launched JPM Coin in 2019 as part of its blockchain-based Onyx platform.
• Siemens AG is the first company to process euro-denominated payments on the blockchain through JPM Coin.
• JPMorgan was recently fined $4 million by the US SEC for mistakenly deleting 47 million emails.
JPMorgan’s Blockchain Project
JPMorgan Chase launched the JPM Coin, a live blockchain application aiming to provide an alternative payment rail running on blockchain, in 2019. The cryptocurrency of JPMorgan’s Onyx blockchain, JPM Coin enables institutional clients of JPMorgan to make wholesale payments between accounts around the world using blockchain technology as the rails. So far, JPM Coin has processed more than $300 billion worth of transactions, making it one of the most used blockchains by a traditional financial institution.
Euro Denominated Payments
Germany’s conglomerate Siemens AG is the first company to process euro-denominated payments on the blockchain through JPMorgan Chase’s payment system, JPM Coin. According to US securities laws, financial firms including banks are required to keep business records for three years and JPMorgan has introduced euro-denominated payments for corporate clients in its blockchain -based payment system since June 21st 2021.
Onyx Platform
JPMorgan launched Onyx Coin Systems in 2020 with an aim to improve the quality of wholesale payment transactions which has so far processed nearly $700 billion worth of short-term loan transactions.
SEC Fines
JPMorgan was recently fined $4 million by US Securities and Exchange Commission (SEC) for mistakenly deleting 47 million emails dated between January 1 and April 23, 2018 that were required by US securities laws to be kept for 3 years duration.
Conclusion
Through its innovative platform such as Onyx and JPM coin, JPMorgan is leading towards democratization and digitization of money transfer systems while providing secure means of transactions across borders with euro denominated payments being now possible through its own digital currency – JMP coin