JPMorgan has announced two major events this week. JPMorgan’s digital currency JPM coin will be used commercially this week by a large technology client to send payments. Also this development and other behind the scene factors persuaded JPMorgan to create a new business. The new business called Onyx as described will house its blockchain and digital currency efforts.
JPMorgan had originally announced its Stablecoin in February last year, although it was for internal use only. The firm had initially suggested that the pilot tests would begin in 2019, it didn’t indicate full commercial use of the coin.
Even though this news incites widespread use of the coin, it is still not available for consumers.
JPMorgan’s website still says they don’t have plans to make the Stablecoins available for individuals.
Georgakopoulos in an interview revealed the firm’s new subsidiary Onyx which will serve as a business in its blockchain projects. He also said that Onyx will commercialize JPMorgan’s earlier blockchain network.
Georgakopoulos also claimed the unit has more than 100 dedicated staff.“We are launching 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,” Georgakopoulos said.
JPMorgan’s move could boost the blockchain and cryptocurrency industries, whose proponents believe mainstream adoption is nearing.
Digital currencies flew green last week as PayPal announced that users could soon buy, hold, and sell crypto directly from their accounts.