It was more than a year ago when JPMorgan (JPM) announced the launch of their in-house stablecoin. Since then the stablecoin has been live and is currently in use by one of the transnational companies. The company excels as a major entity in the tech sector and uses JPM’s coin for cross-border payments.
Since the launch of the cryptocurrency industry, it is constantly going through the phase of technological advancements. Over the course of time, the technology has gained worldwide recognition and adoption. The technology adoption is not just limited to companies but countries that have seen the potential of the crypto-blockchain industry.
The cryptocurrency industry is known for reducing cross-border transaction/payment costs. This is what caught the eye of the banking giant and increased its confidence in adopting the technology. That is when JPMorgan introduced its known stablecoin with aims to gain commercial clients recognition.
In order to avoid getting distracted, JPMorgan (JPM) has created a business dedicated to this purpose. The purpose of this company is to work on blockchain and digital currency projects.
The new business company launched by JPMorgan (JPM) is dubbed as Onyx. Umar Farooq has been designated as the CEO of the company and is responsible for leading a team of a hundred members.
In a recent interview with an online forum, Takis Georgakopoulos shared JPMorgan’s view around the crypto-blockchain technology. He stated that JPMorgan wants to take the cryptocurrency to the next level. At present, the technology is focused mainly on technological advancements and upgrades.
However, in order for the crypto-industry to survive, it needs to adopt commercialization as soon as possible. This is why JPMorgan has taken it upon itself to do just that. JPM’s aim is to move crypto-technology from research and development to commercial recognition so it can thrive as a business.
After the official acceptance of crypto-technology into PayPal’s infrastructure, the stakes for cryptocurrencies have just gone higher. The technology has started gaining commercial recognition as the major e-commerce solutions have now started adopting this technology.
Looking at the recent events and developments, JPMorgan has decided to speed up their projects of crypto-adoption.