JP Morgan Sets Up New Unit for Blockchain Projects as JPM Coin Goes Live
The New York City-based American multinational investment banking and financial services firm, JP Morgan Chase has set up a new unit for blockchain projects known as Onyx. The banking giant is developing this blockchain unit as its stablecoin JPM Coin has gone live and is now ready to be used for commercial purposes, as the firm said in an article report.
CNBC has published a report on Tuesday, October 27, 2020, according to which the digital currency of the banking giant JPM Coin is now available for commercial use. According to the report, a major technology firm is already using this coin commercially for making payments all across the whole world for the first time this week. The global head of wholesale payments of the bank Takis Georgakopoulos said in a statement that this development has led them to develop a new unit for providing a house for blockchain projects and its digital coin efforts.
Georgakopoulos added:
“We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.”
With this move, the investment banking firm will shift from the research stage into the real-world business. This move taken by JP Morgan bank to launch a new blockchain unit could prove a major driving factor that may boost further the growth and adoption of digital currencies and blockchain technology all across the entire world.
JPM Coin has been made available for commercial use one year after it was launched in the month of February in 2019. The bank said on the occasion that the coin would be utilized for cross-border payments’ settlement. Currently, only one technology giant is utilizing this digital currency for cross-border payments.
As per the report, Umar Farooq has been appointed as the Chief Executive Officer (CEO) of the newly-established blockchain unit Onyx. Prior to this, he was serving as the head of the blockchain projects at JP Morgan.
Moreover, it has also been reported by CNBC that the banking giant’s blockchain-based Interbank Information Network is being rebranded as Liink.
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