Today CNBC reported that JP Morgan’s digital currency JPM Coin is being used commercially by a large technology company for cross border payments. The initiative was first announced on Valentine’s day last year and has also been used during the Monetary Authority of Singapore (MAS) trials of central bank digital currencies (CBDC).
The bank has created a new business, Onyx, as an umbrella for its blockchain and digital currency initiatives.
Takis Georgakopoulos, JP Morgan’s global head of wholesale payments, told CNBC that it set up 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.”
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