A year and a half after it was first announced, JPM Coin — JPMorgan Chase’s in-house stablecoin — is now live and in use by a major transnational tech firm for around-the-clock cross-border payments.
According to a report on Tuesday, this real-world proof that the technology is increasing efficiency and reducing costs has bolstered the megabank’s confidence in the technology’s promise and profitability. With the expectation that further commercial clients will sign up to use the stablecoin, JPMorgan Chase has created a dedicated business devoted to digital currency and blockchain work.
The new business unit, dubbed “Onyx,” has over 100 staffers and is being led by Umar Farooq as CEO. Takis Georgakopoulos, JPMorgan Chase’s global head of wholesale payments, told reporters:
“We are shifting to a period of commercialization moving from research and development to something that can become a real business.”