New Blockchain Innovation Lab Announced by JPMorgan in Greece
- The bank’s 2020-released Onyx platform will be the primary focus.
- Four new posts will be created to support the company’s new blockchain project.
The global investment bank JPMorgan has announced the opening of a new innovation center in Athens, Greece, where they will experiment with blockchain technology to create new products and services. The bank’s 2020-released Onyx platform will be the primary focus of the lab’s application development efforts.
The Blockchain Launch team, who work with Onyx to build blockchain-based applications for the bank’s clientele, will now have a dedicated innovation lab to further their efforts. JPMorgan’s Head of Blockchain Launch & Onyx Digital Assets Tyrone Lobban recently announced that four new posts will be created to support the company’s new blockchain project. These positions would be for a mobile app engineer, a technical manager, and two full-stack software engineers.
Banks Relying on Blockchain Tech
The business has long relied on blockchain-based tools. Using blockchain technology, Lobban claimed in 2022 that the bank was settling $1 billion daily. In addition, Lobban indicated that this new team will play a pivotal role in the development of digital identification solutions to expand the capabilities of the institution’s pilot programmes. Onyx’s blockchain launch team lists digital identification as one of the use cases they support.
The organization’s seeming preoccupation with digital identification may be an attempt to stay competitive. The Mobey Forum, a worldwide nonprofit insight group, released a paper in January titled “The Rise of Digital Identity Wallets,” in which they suggest that banks are well situated to play a role in the future digital identity structure by adding this service to their existing digital wallets.
In January, it was reported that JPMorgan, along with Wells Fargo, Bank of America, and four other banking organizations, were working on a digital wallet.
Recommended For You:
AI Outpacing Blockchain For Institutional Traders As per JPMorgan
