After days of hype around its stablecoin, JPM Coin — JPMorgan Chase’s own stablecoin — is now finally in use.
JPM Coin Is Live
According to the report, the expansion, along with various other progress, turned JPMorgan to build a new trade to its digital currency ventures called Onyx. The system has more than 100 employees.
Takis Georgakopoulos, JPMorgan’s global head of wholesale payments, said:
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.
Blockchain is Profitable
It seems that after the recent, PayPal’s adoption news of crypto, JP officials too believe that blockchain is really profitable. The bank has also recognized blockchain’s value to study the current, old system for processing “hundreds and millions” of checks. Blockchain and digitization can isolate the physical appearances of this exchange collectively.
Georgakopoulos further said that by adopting a version of the blockchain with the members being the main distributors of checks and the main drivers of lockboxes, it’s possible to preserve 75% of the total price for the business today and make checks ready in case of ticks as opposed to days.
It also looks that JPMorgan has faith in blockchain for the conception of new payment tracks for global central banks and their developing digital currencies. Aiming to China and Singapore, Georgakopoulos showed his trust that the possibility of CBDC approval is “very high.”
This could be promising news for the stablecoins and the overall cryptocurrency market too. Just a few days ago, the People’s Bank of China cracked down on Stablecoins. The PBoC has asked for public feedback to review the ongoing central banking law, which intends to authorize and legalize digital yuan but ban the distribution of yuan-pegged digital tokens. The central bank issued a notice on Friday, 23 October 2020.