Jpmorgan chase blockchain

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Content:

• JPMorgan Has Big Plans for Blockchain
• Goldman Sachs, JPMorgan Chase talk AI, cryptocurrency, digitization amid strong first quarters
• J.P. Morgan to launch a U.S. dollar-backed cryptocurrency
• Seven Indian banks join JP Morgan's blockchain platform
• Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
• Three major banks confirm that they won’t allow cryptocurrency transactions with their credit cards
• ConsenSys raises $65M from JP Morgan, Mastercard, UBS to build infrastructure for DeFi

WATCH RELATED VIDEO: Commercializing Blockchain by J.P. Morgan Onyx - SFF 2020

JPMorgan Has Big Plans for Blockchain

After years of hype with little to show for it, blockchain technology is on the cusp of a breakthrough: making money in actual business applications. At JPMorgan Chase , the firm's digital currency JPM Coin is being used commercially for the first time this week by a large technology client to send payments around the world, said Takis Georgakopoulos, the bank's global head of wholesale payments.

That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx , Georgakopoulos said last week in a phone interview.

The unit has more than dedicated staffers, he said. Initially hyped as a technology that would upend entire industries from finance to manufacturing and agriculture, blockchain has attracted billions of dollars of investment, but little in the way of tangible results yet. JPMorgan's move could provide a boost to the broader blockchain and cryptocurrency industries, whose proponents believe that mainstream adoption is nearing.

Digital currencies popped last week after PayPal announced that users could soon buy, hold and sell crypto directly from their accounts. JPMorgan is focused on relieving pain points in the world of wholesale payments, specifically areas where the industry could save hundreds of millions of dollars with a better solution, said Georgakopoulos.

In cross-border payments, for instance, which relies on a complex global web of correspondent banks, payments sometimes get rejected for errors in account information or other problems. If banks could confirm that payments have the proper account information and regulatory format before they are sent, they could prevent expensive rejections. Essential to that effort is a network with more than participating banks and corporations.

The group, which had been called the Interbank Information Network since a JPMorgan pilot, is being rebranded as Liink and being launched with a pair of functions that validate payments before they are sent.

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, according to Umar Farooq, the bank's newly named CEO of Onyx. Another area is in processing paper checks, which relies on armies of people to handle mail at physical locations called lockboxes.

That could be radically simplified with an exchange where the digital information associated with a check gets posted, skipping the mail altogether. The company is also looking into creating new, separate payment rails for central banks that have expressed interest in starting their own currencies.

The bank's JPM Coin is now live with a large international technology company that is using it for round-the-clock cross-border payments, said Georgakopoulos, who declined to name the client.

Other clients are being on-boarded, he said. The developments give JPMorgan executives confidence that blockchain is past a period of inflated expectations and will soon start to yield real solutions.

That follows the path of the so-called Gartner hype cycle , which is a model for the adoption of new technologies. Skip Navigation. Key Points. JPMorgan Chase said its digital currency, JPM Coin, is being used commercially for the first time this week by a large technology client to send payments around the world. That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx, said Takis Georgakopoulos, the bank's global head of wholesale payments.

VIDEO

Goldman Sachs, JPMorgan Chase talk AI, cryptocurrency, digitization amid strong first quarters

JPMorgan Chase has partnered with Siemens to create a blockchain-based system for its payments, according to sources reported by The Financial Times. Heiko Nix, head of cash management and payments at Siemens, told the newspaper that higher levels of automation are needed to process the far greater number of payments that Siemens expects to process in future. The system is only being used for US dollar transactions at present, but the sources said that Euro transactions are being planned for next year. Nix told the newspaper the US bank had a pipeline of potential clients for the new solution, and neither company commented on the number of payments the newly developed system has processed so far.

J.P. Morgan to launch a U.S. dollar-backed cryptocurrency

A close connection to culture and a chance to become more financially independent are among elements prompting people of color to buy into the cryptocurrency and NFT space. Many African Americans are among a growing number of investors, entrepreneurs, artists, and others latching onto the digital currency and non-fungible tokens NFTs. And for numerous Black investors, crypto investments are seen as a new route to wealth and impartiality. It also allows them to dive into the growing arena of NFTs, which is or expected to remake industries like gaming, collectibles, and music. The rise of Web3 reportedly has several investors enthusiastic about its potential financial benefit. Web3 will allow internet users to command and own assets with blockchain, observers say. Some watchers even project that it will eventually oust the internet as it functions now.

Seven Indian banks join JP Morgan's blockchain platform

JPM Coin works like Bitcoin. It speeds up transactions between JPMorgan customers. JPMorgan Chase is the first major United States bank to introduce its own digital coin for real-world usage. JPMorgan Chase has been experimenting with the technology in the form of Quorum, its blockchain for enterprise platform for years.

Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. Jamie Crawley.

Three major banks confirm that they won’t allow cryptocurrency transactions with their credit cards

But her departure has hardly put the brakes on its ambitious plans for the future. This means that investors received the certificates only after they deposited the required cash. The successful execution of contracts may just be the beginning. The world of securities settlements could be transformed through the use of blockchain technology. More recently, a study by central banks in Europe stated that distributed ledger technology could lead to the development of new securities.

ConsenSys raises $65M from JP Morgan, Mastercard, UBS to build infrastructure for DeFi

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After years of hype with little to show for it, blockchain technology is on the cusp of a breakthrough: making money in actual business applications. At JPMorgan Chase , the firm's digital currency JPM Coin is being used commercially for the first time this week by a large technology client to send payments around the world, said Takis Georgakopoulos, the bank's global head of wholesale payments. That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx , Georgakopoulos said last week in a phone interview.