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2020-10-27 16:13:18

JPMorgan launching blockchain unit as its own digital coin is ready for use

JPM Coin will be used commercially for the first time this week by a large technology client sending payments globally, says Takis Georgakopoulos, JPMorgan's (JPM) global head of wholesale payments.That's got the bank excited enough to launch Onyx, a unit to house its blockchain and digital currency endeavors, with more than 100 employees. It will be headed by Umar Farooq."We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business," says Georgakopoulos.Bank CEO Jamie Dimon famously called Bitcoin (BTC-USD) a "fraud" in 2017, and threatened to fire any JPMorgan traders who got involved. He's since said he regretted those remarks, and that "the blockchain is real."Speaking of everyone's favorite crypto, it's up sharply again today a new multi-year high of $13.6K.