Money Makers Mentor

JPMorgan Creates New Unit for Blockchain Projects: Onyx

JPMorgan Chase implemented its digital currency, JPM Coin, commercially for the first time during the week of Oct. 26. A large technology client sent payments around the world with it, said Takis Georgakopoulos, the bank’s global head of wholesale payments.

In February of 2019, JPMorgan (JPM) became the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology, which enables the instant transfer of payments between institutional clients.

That development convinced JPMorgan to create a new business called Onyx. JPMorgan uses it to host blockchain and digital currency efforts, Georgakopoulos said to CNBC. The unit has over 100 dedicated staffers, he added.

“We are launching Onyx because we beli…

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