JP Morgan takes the leap into crypto with new innovation lab in Athens
JP Morgan & Chase, the renowned investment banking giant, recently opened a crypto innovation lab in Athens. As confirmed by Tryone Lobban, Head of JP Morgan’s DeFi platform Onyx, the lab will focus on research and development (R&D) of blockchain technology, AI, and cryptography applications to support payment businesses worldwide.
The asset and wealth management department employees have been relocated to the new office in Athens. At the same time, the bank wants to fill in four engineering positions—two full-stack developers, one mobile app engineer, and a technical manager. The mobile app engineer will be tasked with developing performant blockchain-based digital identity mobile apps and wallet prototypes that could unlock an array of new interactions and services for web2 and web3.
JP Morgan’s growing involvement in the crypto industry signals convergence with traditional finance
In 2022, JP Morgan dove head-first into the crypto industry when it acquired the “JP Morgan Wallet” trademark. Also, this allowed them to offer their clients payment and custody services with cryptocurrencies. Additionally, they completed their first cross-border transaction on a public blockchain after striking up partnerships with New York Bank Mellon and Fidelity bank.
In their latest Global Markets Strategy report, JP Morgan expressed optimism that the crypto and traditional financial industries could converge with the introduction of proper regulation. They are confident that this will open up new opportunities for the two markets to interact.
