The American #banque J.P. Morgan announced that it now allows its institutional clients to pay in euros thanks to its #JPMCoin , a #token based on #blockchain . This system offers advantages over traditional banking networks, such as speed, security and reduced fees.
JPM Coin operates on the #Liink, network, a private blockchain developed by J.P. Morgan, which also allows financial information to be shared and verified. #JPMCoin can be exchanged with other currencies, such as the US dollar, through the Liink network.
The company#Siemenscarried out the first#eurotransaction with the JPM Coin on June 23, 2023. Since its launch in 2019, the JPM Coin has reportedly enabled more than $300 billion in transactions.
J.P. Morgan is not the only financial institution interested in blockchain for cross-border payments. #Visa, for example, has developed its own solution, Visa B2B Connect, which also uses blockchain to facilitate transfers between businesses.
Blockchain therefore represents an opportunity for the banking sector, which faces problems of slowness, errors and cost with the current correspondent banking system. Blockchain could thus revolutionize cross-border payments and contribute to a more global and efficient economy.
