Financial services titan JPMorgan Chase & Co is accelerating its efforts to integrate blockchain technology into conventional banking, evidenced by the introduction of euro-based payments for corporate clients using its JPM Coin. As witnessed in 2021, traditional finance firms are displaying significant interest in the crypto and blockchain industries.
JPMorgan recently began processing Euro-denominated payments with its JPM Coin payment system. The head of Coin Systems for Europe, the Middle East, and Africa at JPMorgan, Basak Toprak, noted that the system went live with euro transactions this Wednesday. Since its launch in 2019, JPM Coin has processed over $300 billion in transactions. Despite this success, it remains a relatively small part of JPMorgan’s overall payments business, which handles nearly $10 trillion daily.
The financial giant’s commitment to leveraging blockchain technology within traditional banking systems is further underscored by this expansion. Using JPM Coin aims to streamline cross-border payments, which ultimately enhances efficiency for corporate customers.
More traditional financial giants are gaining interest in the crypto sector. Notably, BlackRock iShares recently filed for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission, following a slew of firms that re-filed their Bitcoin ETF applications. Additionally, EDX Markets, backed by Citadel Securities, Fidelity Investments, and Charles Schwab, has unveiled its crypto trading initiative. The service initially offers trading of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
JPMorgan also contributed to the Monetary Authority of Singapore’s (MAS) proposal of a common standard that would delineate conditions for utilizing digital currencies such as stablecoins, tokenized bank deposits, and central bank digital currencies.
Renewed institutional interest in crypto has recently contributed to the rebound of the crypto market. Bitcoin’s price currently stands at $30,112, up almost 20% in a week.
However, even with these developments, banks still have a way to go before reaping the full benefits of their blockchain projects. These advancements represent a step in the right direction, but the potential of blockchain and cryptocurrencies in traditional financial systems is yet to be fully harnessed.
Please bear in mind that the presented content may reflect the personal opinion of the author and is contingent upon market conditions. Conduct thorough market research before investing in cryptocurrencies. The publication and the author hold no responsibility for personal financial loss.
Source: Coingape
