JPMorgan has launched a new business division dedicated to blockchain technology, called Onyx, after the bank’s own digital currency was adopted for commercial use this week.
JPM Coin , which was created last year, has been picked up for round-the-clock global payments by a “large technology client” this week, Takis Georgakopoulos, the bank’s global head of wholesale payments.
That headway and other under-the-radar progress induced the launch of Onyx, which is aimed at capturing the major shift towards digital currencies in the financial services industry.
“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,” Georgakopoulos said.
Onyx is staffed with over 100 employees.
The development could be a push in favor of other blockchain and crypto-based industries that have been advocating for the end of traditional currencies.
The price of Bitcoin has soared by almost 25% this month to its highest since early 2018 and is now closing in on $14,000.
JPMorgan plans to focus on building a more inclusive system in the wholesale payments world to reimagine efficient ways of exchange and value, Georgakopoulos said.
