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JPMorgan forms new blockchain unit, says its 'JPM Coin' is ready for commercial use

www.theblock.co 28 October 2020 06:00, UTC
Reading time: ~1 m

Banking giant JPMorgan has created a new blockchain unit called Onyx as its "JPM Coin" is ready for commercial use.

Takis Georgakopoulos, global head of wholesale payments at JPMorgan, told CNBC that a large international technology company is already using JPM Coin for cross-border payments. He did not disclose the company's name.

Georgakopoulos said JPMorgan has launched Onyx because blockchain solutions "can become a real business" for the bank.

JPMorgan launched its blockchain-based token JPM Coin in February 2019. At the time, the bank said it would be used to settle cross-border payments in a faster and cheaper manner as redundancies are removed. Each JPM Coin is redeemable for one U.S. dollar.

JPMorgan has also rebranded its blockchain-based network called Interbank Information Network to Liink. Umar Farooq, previously the head of JPMorgan's blockchain projects, has now been named CEO of Onyx.

As part of its blockchain offerings, the bank is also looking to create new, separate payment rails for central banks that have shown interest in creating digital currencies.

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