The United States-based investment bank JPMorgan is expanding the implementation of one of its major blockchain projects into traditional banking.

JPMorgan has deployed its blockchain-based payment system, JPM Coin, to introduce euro-denominated payments for corporate clients, Bloomberg reported on June 23. A spokesperson for JPMorgan confirmed to Cointelegraph that the bank had expanded the JPM Coin blockchain platform from U.S. dollars to euros.

According to Basak Toprak, JPMorgan's head of coin systems for Europe, the Middle East and Africa, JPM Coin went live with euro transactions on June 21.

German conglomerate Siemens conducted the first euro payment on the platform, Toprak reportedly said.

The system enables wholesale payments for clients, including large multinational firms, to transfer euros to and from their JPMorgan accounts instantly and 24/7.