LONDON (Bywire News) - According to a report on Coin Desk this week, JP Morgan’s very own cryptocurrency is about to see its first commercial use. The bank announced that a technology company was planning to use the coin to make global payments.
The imaginatively titled JPM Coin first emerged in 2019 and started trials during the summer. It is designed to make faster wholesale payments and transactions and could, they say, save the banking industry hundreds of millions of dollars a year.
The coin will run on Quorum, a private version of Ethereum which was developed by the bank before being sold to development firm ConsenSys in August.
The bank is also setting up a new division dedication just to blockchain technologies. With around 100 employees Onyx will house all projects related to the blockchain.
The bank’s Blockchain Lead Christine Moy took to Twitter to announce the move.
“JPMorgan creates new division Onyx focused on #blockchain, JPM Coin is LIVE, the 400 bank network Liink has a new LIVE app to Confirm account info before payments to prevent fraud,” she wrote.
According to Umar Farooq, CEO of Onyx, the bank also plans to use the blockchain to send digital versions of paper checks and save banks 75% of the cost of processing payments.
(Written by Tom Cropper, Edited by Klaudia Fior)