JPM Coin goes live with launch of dedicated blockchain division
The JPM Coin transaction coincides with the launch of Onyx, a new division of JPMorgan with over 100
staff dedicated to blockchain and digital currency efforts of JPMorgan.
Takis Georgakopoulos, JPMorgan's global head of wholesale payments said:
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.
Onyx also encompasses JPMorgan's blockchain innovation accelerator, its payment clearing and settlement market infrastructure and the JPM Coin network.
The JPM Coin is a stablecoin that represents US dollars held in designated accounts at JPMorgan. It was successfully tested by JPMorgan in 2019 and was designed to make instantaneous payments in US dollars with further plans for it to be extended to other major currencies.
The JPM Coin is supported the Liink, a peer-to-peer network previously known as the Interbank Information Network, of over 400 participating banks and corporations across 78 countries.
This comes sharply after PayPal announcing that it will be offering customers the ability to buy, hold and sell digital currency and the growing shift towards implementation of payment systems that are efficient, fast and resilient using distributed ledger technology.