JPMorgan Forms New Blockchain Unit

JPMorgan has created a new blockchain unit called Onyx as its "JPM Coin" is ready for commercial use. Takis Georgakopoulos said that a large international technology company is already using JPM Coin for cross-border payments. JPMorgan launched its blockchain-based token JPM Coin in February 2019. At the time, the bank said it would be used to settle cross-border payments in a faster and cheaper manner as redundancies are removed. Each JPM Coin is redeemable for one U.S. dollar or other fiat currencies. Georgakopoulos said JPMorgan has launched the new Onyx unit because blockchain solutions "can become a real business" for the bank. Umar Farooq, previously the head of JPMorgan's blockchain projects, has now been named CEO of Onyx. JPMorgan has also rebranded its blockchain-based network called Interbank Information Network to Liink. The firm announced that Liink participants would also get access to two applications called "Confirm" and "Format."