March 28, 2024

JPMorgan starts using JPM Coin tokens

JPMorgan starts using JPM Coin tokens

JPM Coin, a digital currency developed by JPMorgan Chase, will be used in commercial transactions for the first time.during the current week. CNBC writes about this with reference to the head of the payment division of the bank, Takis Georgakopoulos. The first user of JPM Coin was a large technology company, whose name was not specified.

This event, along with other covert blockchain and digital currency initiatives, pushed JPMorgan to create a new division, Onyx. It employs over 100 people.

"We are launching Onyx because we believe that we are moving into the commercial application of these technologies, from design work to real business."- said Georgakopoulos.

According to Onyx CEO Umar Farouk, banks cancharge a commission of a few cents on each transaction to verify data on the blockchain, thus avoiding the cost of correcting errors and creating a model in which network participants can make money. In addition, the digitization of paychecks will be a significant benefit.

“We're talking hundreds of millions of check paymentsdollars. By using a variation on the blockchain, where network members are the main issuers of checks and operators of depository cells, we can save 75% of the total costs and make checks available within minutes, whereas now it takes several days. "

According to him, the commercial launch of the describedthe project will be completed within a few months. JPMorgan also intends to create dedicated payment channels for central banks that have expressed interest in developing their own digital currencies.

Earlier, analysts at the largest cryptocurrency exchange Binance expressed the opinion that JPM Coin will not become a direct competitor to the XRP cryptocurrency focused on cross-border transfers.

JPMorgan starts using JPM Coin tokens

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