JP Morgan, the largest bank in the United States, is beginning to put its cryptocurrency 'JPM Coin' to use.  While announced in 2019, we hadn't heard much about it until now, as JPMorgan makes two big announcements.

JPM Coin is a stablecoin pegged to the USD,

Their blockchain focused 'Onyx' division...

Already with more than 100 employees, Onyx aims to usher in an era in where banks embrace blockchain solutions for faster international payments and increased profitably. It will offer blockchain-based project acceleration services, connect infrastructures based blockchain tech technology, and say more services will be announced soon.

"We are launching Onyx because we believe that we are moving into a commercialization period for those technologies, moving from research and development to something that can become a real business." Said Takis Georgakopoulos, JPMorgan's global head of payments.

JPM Coin is now live...

Georgakopoulos also shared that one of its large tech clients sent its first international payment using JPMCoin this week, but did not disclose the name of the company.

JPMorgan moves an average of $6 trillion per day between over 100 countries. 

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Author: Ryan Kalbari
Toronto Newsdesk