JPMorgan’s Onyx to redefine payments in banking with blockchain

What is one of the biggest banks in the world doing in blockchain?

For over five years, JPMorgan Chase & Co. has been advancing blockchain technology in the banking sector. Its JPM Coin — a wholesale payment digital currency that is pegged 1:1 to the U.S. dollar — is now transacting billions of dollars every day. JPMorgan’s open information-sharing network Liink — formerly known as Interbank Information Network — now has over 400 banks. Just last October, after JPMorgan sold Quorum, its blockchain protocol to the Brooklyn-based blockchain software firm ConsenSys, the banking giant established Onyx, its new blockchain unit.

“We’re building a shared software, a collaborative infrastructure with this new emerging technology. And it’s not just JPMorgan building products and services and selling it to everybody,” Christine Moy, the global head of Liink at Onyx, told Forkast.News in a video interview.

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