Back to the list

JPM Coin to Be Used First Time This Week while Banking Giant Sets Up Commercial DLT Unit

u.today 27 October 2020 07:45, UTC
Reading time: ~2 m

As reported by CNBC, the banking heavyweight JP Morgan is creating Onyx – a new project to work with blockchain and the bank’s efforts with digital currencies.

The decision was driven by the fact that this week JP Morgan’s JPM coin is being used commercially for the first time by a large-scale tech company to send payments round the world.

The name of this tech giant has not been disclosed, though.

JP Morgan announces the Onyx launch

According to JP Morgan’s chief of wholesale payments, Takis Georgakopoulos, the global banking giant is launching a new unit with over 100 employees, which will be dealing with the business of using the bank’s blockchain and JPM coin.

Georgakopoulos mentioned that the bank is close to the point of making profits from the commercial use of DLT and digital currencies, so a decision to launch Onyx was made. It will help the bank move from research to real business.

Betting on DLT and crypto after PayPal

This is the second global financial giant after PayPal that is taking steps towards implementation of digital currencies into daily payment operations.

Unlike PayPal, though, JP Morgan is focused on wholesale payments, in particular in the areas where large players could use a better payment solution to save millions of USD, according to Georgakopoulos.

As for JP Morgan, the banking giant moves over $6 trl per day across more than a hundred countries.

JP Morgan Chase is also looking to banish paper cheques, and the launch of Onyx which will be dealing with electronic cross-border payments (shifting billions and millions of USD) is another step in that direction.

Back to the list