JPMorgan has started working with a large technology company, which plans to utilize the JPM Coin for round-the-clock transfer payments, as reported by CNBC referring to the head of the wholesale payment department of the bank Takis Georgakopoulos.
According to him, for the first time, JPM Coin will be used for commercial purposes. However, he refused to share the name of the company, adding that other organizations are soon to be joining it.
The Bank has created a new subdivision for projects with the use of a blockchain and digital currencies called Onyx. According to the recently appointed general director of Onyx Umar Farooq, banks can charge a few cents for confirming every transaction they process, saving money for error management, and creating new models for making money.
In addition, it is now known that the company considers the possibility of developing new separate payment systems for different central banks, that are expressing a desire for the creation of their own digital currencies.
Initially, the financial giant launched JPM Coin in February last year for instant payments between institutional clients.
