BSV
$48.37
Vol 18.17m
-5.44%
BTC
$69179
Vol 32258.05m
-2.37%
BCH
$342.75
Vol 213.48m
-3.44%
LTC
$69.18
Vol 347.54m
-1.76%
DOGE
$0.15
Vol 1755.3m
-5.34%
Getting your Trinity Audio player ready...

JP Morgan has just announced the launch of their new blockchain unit–Onyx–and says their JPM Coin is currently being used by a “large technology client” to send payments around the world. 

“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,” said Takis Georgakopoulos, JP Morgan’s global head of wholesale payments.

JP Morgan has finally found a way to make their blockchain branch profitable, unlike their blockchain Quorum which they sold to ConsenSys in August. 

JP says that Onyx has been five years in the making, and from the looks of it, JP Morgan is focusing on using a blockchain to digitize money to reduce costs around global transactions.

Reducing costs

When it comes to cross-border payments, JP Morgan moves roughly $6 trillion a day to over 100 countries. According to Onyx CEO Umar Farooq, blockchain and JP Morgan’s stablecoin JPM Coin creates the perfect opportunity to reduce costs in that sector.

 

To accomplish this, JP Morgan has rebranded its Interbank Information Network–JP Morgan’s network of 400 banks and corporations looking to use JPM Coin–to ‘Liink,’ and will use that branch of their business to validate payments before they are sent.

JP Morgan also plans on using its blockchain to reduce expenses that are created by using paper checks for payment.

“We’re talking about hundreds of millions of checks being sent,” said Georgakopoulos “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.”

Momentum is building

Momentum is building in the blockchain and digital currency space. Several major corporations have recently announced their entrance into the blockchain and digital currency services with JP Morgan being the latest to announce the approach they will be taking in the industry.

Many of the corporations will be launching their service offerings in the coming weeks and months, and the launch of each is bound to have a positive impact on the blockchain and digital currency markets. 

Recommended for you

This Week in AI: US tightens AI restrictions on China
The U.S. issued a rule restricting American investments in China, Hong Kong, and Macau, specifically within industries like AI, semiconductors,...
November 1, 2024
Vietnam sets blockchain vision for regional leadership
Vietnam's Prime Minister Ho Duc Phoc issued Decision No. 1236/QD-TTg, emphasizing blockchain's potential as a major driver of the Fourth...
November 1, 2024
Advertisement
Advertisement
Advertisement