CNBC recently reported that JP Morgan’s digital currency JPM Coin is being used commercially by a large technology company for cross border payments. The JPCoin has also been used during the Monetary Authority of Singapore (MAS) in its trials for CBDCs. In addition JP Morgan 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.”
On the website Omar Farooq, CEO of Onyx stated, ” At Onyx, we are focused on building next-gen platforms that enable our clients to deploy innovative ideas at scale. Together, we can build groundbreaking applications that solve complex challenges and create new opportunities.”
Umar Farooq, headed up JP Morgan’s Blockchain projects till now. The website for the new organization states it houses work on five already published projects. Onyx is the umbrella for the CBDC work with MAS, blockchain debt issuance trial Dromaius, and Quorum, the blockchain protocol.