Euro-Dollar Conversions Go Instant as JPMorgan Rolls Out New Solution
JPMorgan, the largest U.S. bank, is introducing instant euro-dollar settlements through its blockchain-based JPM Coin, aiming to speed up cross-border currency exchanges.
Currently, JPM Coin allows instant payments in dollars and euros, and the bank plans to expand this service to include the British pound. Built on JPMorgan’s Kinexys blockchain, which handles over $2 billion daily, this service contrasts traditional foreign exchange settlements that typically take one to two days. By offering near-instant settlements, JPMorgan aims to attract fintech companies and other clients seeking faster, more efficient currency transactions.
Clever Robot News Desk 9th November 2024
