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- JPMorgan launched Onyx, a new business division for its blockchain projects, after its digital token was adopted for commercial use by a large tech client for the first time this week, CNBC reported.
- A JPMorgan spokesperson confirmed the report.
- JPM Coin is now being used for round-the-clock global payments by a “large tech customer,” the bank’s global head of wholesale payments told CNBC. The customer has not been named.
- “We are launching Onyx because we believe we are moving towards a period of commercialization of those technologies, moving from research and development to something that can become a real business,” Takis Georgakopoulos said in an interview with CNBC.
- Visit the Business Insider home page for more stories.
JPMorgan launched a new business division dedicated to blockchain technology, called Onyx, after the bank’s digital currency was adopted for commercial use this week, CNBC reported Tuesday.
A JPMorgan spokesperson confirmed the report to Business Insider.
JPM Coin, which was created last year, was raised for round-the-clock global payments by a “big tech customer” this week, Takis Georgakopoulos, the bank’s global head of wholesale payments, told CNBC in a statement. ‘telephone interview.
He didn’t name the client, but said others will be involved as well.
Those advances and other hidden advances prompted the launch of Onyx, which aims to capture the great shift towards digital currencies in the financial services industry.
“We are launching Onyx, because we believe we are moving into a period of commercialization of those technologies, moving from research and development to something that can become a real business,” Georgakopoulos told CNBC.
Onyx has over 100 employees.
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The development could be a push for other blockchain-based and cryptocurrency industries that have supported the demise of traditional currencies.
Last week was bullish for digital currencies as US payment firm PayPal announced it would allow Bitcoin to be used on its network, investor Paul Tudor Jones called it the “best inflation exchange” and JPMorgan published positive research on cryptocurrency.
Bitcoin’s price has risen nearly 25% this month to its highest since the beginning of 2018 and is now approaching $ 14,000.
Tyler Winkelvoss, founder and CEO of the cryptocurrency exchange Gemini, even claimed that the US dollar is “it is no longer a store of value“and has long recommended buying Bitcoin.
JPMorgan intends to focus on building a more inclusive system in the world of wholesale payments to reinvent efficient ways of exchange and value, said Georgakopoulos.
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