JPMorgan, the investment banking company known for its rocky relationship with cryptocurrencies, is all set for its official foray into the same realm, with its unique cryptocurrency, JPM coin.
The global head of wholesale payments at JPMorgan, Takis Georgakopoulos has stated that a big tech firm will be utilizing the coin for making global settlements beginning this week, as per a report by CNBC on Tuesday.
Launch of Onyx Along With JPM Coin
According to CNBC, Georgakopoulos has said that the bank has made a business unit of nearly 100 staff named Onyx, for managing house related activities since the bank perceives blockchain technology becoming commercially feasible.
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 businessBlockchain lead at JPMorgan, Christine Moy, on Twitter.
Georgakopoulos further said, the company’s centre of attention is on wholesale payment business, where eliminating inefficacies can help in cutting back on millions of dollars per year.
In February 2019, it was disclosed that the banking industry had begun trials for the JPM coin in summer. The coin was made to fasten settlements, like payment transactions between firms/ bond dealings.
This was set up on a private category of Ethereum called Quorum, which was built by the investment bank, but in August it was taken up by ConsenSys, a development firm.
JPMorgan To Also Release ‘Interbank Information Network‘
As per the reports of CNBC, JPMorgan will shortly release its blockchain-based interbank Information Network, renaming it as Link to legitimize the payments before being sent forth.
The CEO of Onyx, Umar Farooq stated that the bank is viewing the option of utilizing the blockchain to dispatch digital type of paper checks which can reduce the costs around 75% that is caused due to sending and processing of transactions.