JPM coin update finally arrives as it prepares for launch

Quick take

1 minute read

• JPM coin is a project from JP Morgan Chase that was announced last year and since its announcement, very little has been spoken in regards to the project. 

• Now, the stablecoin for the banking giant is now live by one of the biggest transnational technology firms for 24-hour cross-border payments.

JPM coin is a project from JP Morgan Chase that was announced last year and since its announcement, very little has been spoken in regards to the project. Now, the in-house stablecoin for the banking giant is now live by one of the biggest transnational technology firms for 24-hour cross-border payments.

According to a report that was released earlier today, The project has boosted the confidence from the bank when it comes to its promise of technology and profiting off it as a business. It is expected that further commercial clients will start using this stablecoin as the bank has created a dedicated subsidiary to the digital currency and work on blockchain.

Called Onyx, this new business unit has more than 100 employees and is being led by Umar Farooq as its Chief Executive Officer. The global head of wholesale payments at JP Morgan Chase, Takis Georgakopoulos said the following in regards to the news:

"We are shifting to a period of commercialization [...] moving from research and development to something that can become a real business."

The conference in the blockchain being able to actually make the company money looks very strong right now. The bunking giant has experimented and developed for a long time with the technology and as a result, it can be separated into numerous vital areas.

The bank has been piloting a blockchain-based interbank information network for three years now since 2017. This involves corporations and banking institutions of more than 400. JP Morgan also believes that efficiency savings for complex interactions can be done with this network. The global wholesale head note that a new blockchain system is just months away from commercial launch saying:

“Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days.”

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