The First Commercial Transaction of JPMorgan’s JPM Coin

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JPMorgan

As per Tuesday’s report of the CNBC, JPMorgan’s global wholesale payment head, Takis Georgakopoulos, unveiled that a prominent tech firm is set to utilize JPM Coin for international payments as early as this week. This would mark the very first time that JPMorgan’s native coin would be used for commercial transactions. Despite not disclosing the name of the particular large tech client, Georgakopoulos mentioned that many more clients are getting onboarded as of press time.

The executive of JPMorgan also told CNBC that the bank has now practically confirmed that blockchain technology is indeed commercially profitable. That said, Georgakopoulos revealed that JPMorgan has also developed a business unit consisting of 100 employees responsible for the forthcoming blockchain-related projects. This particular unit will be called ‘Onyx’. According to Georgakopoulos, JPMorgan firmly believes that they are now at the period of commercialization. The research and development stages are now done and must now be implemented, thus creating Onyx.

Furthermore, the JPMorgan executive also clarified that the bank is now focusing on the wholesale payments business more than ever. It now intends to significantly mitigate inefficiencies, potentially saving the whole banking industry hundreds of millions of dollars per given year.

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