JP Morgan launches a crypto lab
JPMorgan is expanding its presence in the world of cryptocurrencies and blockchain technology. The American financial conglomerate is opening a crypto innovative lab in Athens, Greece.
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The head of the Blockchain Launch and Digital Assets Department at Onyx, which is backed by JPMorgan Chase & Co., recently announced plans to focus on developing new solutions for Onyx. Tyrone Lobban stated that their initial research will be centered around data encryption, cybersecurity, and blockchain infrastructure.
The crypto lab is set to hire around 50 specialists who have experience working with innovative payment products, with a primary focus on payment systems.
They are currently seeking developer engineers, universal programmers, technical managers, and mobile application developers. In addition to cryptography and blockchain, the crypto lab will also be exploring the use of artificial intelligence.
In addition to these efforts, JPMorgan intends to develop new applications for digital identity recognition and blockchain-based cryptocurrency wallets in their crypto laboratory. According to experts working on the Onyx project, digital identification is critical for expanding Web3 and creating new services in both the cryptocurrency and traditional finance sectors.
JPMorgan Chase & Co. employees in Athens who work in asset management or investment/corporate banking can attend open meetings at the crypto laboratory
JPMorgan was one of the first banks to change their tune on cryptocurrencies, moving away from outright rejection to integrating them into their business.
In 2019, they created their own cryptocurrency, JPM Coin, making them the first US bank to issue a digital currency.
Then in 2020, they launched the Onyx DeFi platform, which uses blockchain technology to make wholesale payments across different currencies and banks easier.
The team behind Onyx are real innovators who are changing the way we think about institutional banking. They've created a secure infrastructure that not only supports cryptocurrencies and digital payments but also facilitates data exchange in the banking sector.
In November 2022, JPMorgan received a trademark on its “J.P. Morgan Wallet”, giving them the ability to process cryptocurrency transactions, open digital checking accounts, and offer other financial services that center around digital assets.
JPMorgan also conducted its first cross-border transaction on a public blockchain in 2022. They've also partnered with the Bank of New York Mellon and Fidelity Bank to provide crypto services to their customers.
Last year, we reported that JPMorgan was looking into using blockchain for collateral settlements.
What's intriguing is that even as the financial institution began issuing its own crypto products and investigating the potential of blockchain and digital assets, its CEO continued to express a negative opinion about cryptocurrencies. In 2021, Jamie Dimon stated that he regards Bitcoin as a useless invention and remains skeptical about it.
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