A new model for innovation in financial systems from J.P. Morgan, five years in the making. According to JP Morgan Wholesale payments, ‘JPM Coin’ is now reportedly ready for commercial use. The JPM Coin is already being used by large technology clients to send payments around the world. JPMorgan has also created a new blockchain unit called Onyx.
Onyx is at the forefront of a major shift in the financial services industry. This new business unit reflects J.P. Morgan’s commitment to build cutting-edge technology that delivers a better, faster and more inclusive financial system.”
Speaking to CNBC, Takis Georgakopoulos revealed:
“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”.
The banking giant’s move could boost the broader blockchain and cryptocurrency space, and comes shortly after PayPal announced it was going to let its users buy, sell, and hold cryptocurrencies within their accounts.
Georgakopoulos declined to name the large technology firm using JPM Coin for cross-border payments, but said other clients are being on-boarded.
JP Morgan is the first global bank to create a production-grade, scalable, peer-to-peer blockchain-based network, formerly Interbank Information Network, now called Liink.
JPMorgan is reportedly also looking to create payment rails for Central Banks and is leading in the race with plans to establish ways for central banks to handle fees.
The blockchain lead at JPMorgan, Christine Moy, confirmed the reporting on social media:
Finally, JP Morgan is making all the right moves using Distributed Ledger Technology (DLT) as it progresses into the blockchain ecospace.
This is another maneuver for it’s clients to affirm that the banking giant is shifting in the right direction.
