‘Large’ Tech Company Starts Using JPMorgan Coin

JPMorgan‘s JPM Coin is now live with a large international technology company that is using it for round-the-clock cross-border payments, CNBC reported, citing Takis Georgakopoulos, the bank’s global head of wholesale payments.

JPM Coin is being used commercially for the first time this week, Georgakopoulos said, declining to name the client, but adding that other clients are being on-boarded.

Also, the bank has created a new unit to house its blockchain and digital currency efforts called Onyx. Banks could charge a few cents to confirm data for each transaction, saving money on remediating mistakes and creating a model to earn money by participating in the network, Umar Farooq, the bank’s newly named CEO of Onyx, was quoted as saying by CNBC.

The company is also looking into creating new, separate payment rails for central banks that have expressed interest in creating their own currencies, according to the report.

Originally, in February 2019, JPM Coin was created by the financial giant to instantly settle payments between institutional clients.

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