jpmorgan chase  co expanded one of the most highprofile projects to bring blockchain technology to traditional banking introducing eurodenominated payments for corporate clients using its jpm coin jpm coin which the bank launched in 2019 to move dollars went live with euro transactions on wednesday basak toprak jpmorgan’s head of coin systems for europe the middle east and africa told bloomberg news germany’s siemens ag conducted the first euro payment on the platform toprak said a siemens representative didn’t respond to an email seeking comment while large banks have spent almost a decade exploring ways to use blockchain for making the myriad processes they execute more efficient few applications have been put to commercial use and largescale benefits have proved elusive that’s led some skeptics to question whether the technology is a solution in search of a problem jpm coin is a rare instance of a live blockchain application by a large bank yet is a minuscule part of jpmorgan’s payments business the bank has used it to process about 300 billion of transactions since its launch by comparison jpmorgan processes nearly 10 trillion of payments overall on a daily basis the system allows wholesale payments clients such as large multinationals to transfer dollars or euros to and from their various jpmorgan accounts around the world or make payments to other customers of the bank using blockchain rather than traditional payment rails jpm coin payments operate constantly unlike traditional transactions that are typically only processed during business hours and they’re also executed more quickly the crypto story matt levine will now explain everything to you corporate treasurers can use the system to better manage liquidity for example by initiating payments just before they are due according to toprak “there are cost benefits to paying at the right time” toprak said “this could mean they could earn more interest income on their deposits” several of jpmorgan’s biggest rivals are also pushing ahead with blockchain and digitalasset projects goldman sachs group inc unveiled its digitalasset platform in november saying clients can use it to issue financial securities in the form of digital assets in areas such as real estate the wall street firm along with banco santander sa and societe generale sa helped the european investment bank issue a digital bond last year using blockchain technology