According to a news report published by CNBC today, the wholesale payments head for JP Morgan global Takis Georgakopoulos says that they are going to use their new cryptocurrency for supporting global payments. The platform is very much live and they will have started seeing the first transactions on their network by now. With the JPM Coin going live, this is one of the first cryptocurrencies that a bank is launching. We do expect other launches to happen in the coming days as well with other key financial institutions coming together to create even more options.
The bank is investing heavily in blockchain and has recently hired about 100 people to work on that project with you as well. the purpose of the project, which is called Onyx, is to work on crypto and blockchain projects for the bank. Mr. Georgakopoulos said that “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 news of the launch was also confirmed by Christine Moy on her Twitter where she said that the bank will use their 400-bank network Link for preventing fraud on the system. Moy works as the blockchain lead at JP Morgan.
According to Mr Georgakopoulos, the focus of the bank is on wholesale payments as the system would help eliminate the many inefficiencies in the current system. This would result in the banking sector saving hundreds of millions every year. The trails for JPM Coins started back in July 2019 and the purpose of the currency was to speed up transactions between firms or in bond sales and purchases. According to the CEO of Onyx Umar Farooq, the bank is also looking to turn payments made using checks into digital payments which could save them up to 75% of the cost that they have to bear for sending and processing the checks.
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