- As the crypto industry evolves, top players in the traditional financial industry have begun to participate in the trend through a variety of projects.
- According to a recent report, JP Morgan plans to open a crypto lab in Athens.
- StockWatch states that the lab will concentrate on data encryption and security.
As the crypto industry develops, top players in the traditional financial sector have begun participating in the trend through various projects. According to a recent report, JP Morgan plans to open a crypto lab in Athens. According to StockWatch, the lab will concentrate on data encryption and security.
JP Morgan Chase is one of the largest banks in the United States. JP Morgan offers institutional research on economics, financial markets, personal finance, and other topics besides traditional banking services.
An Athens Innovation Lab
The head of JP Morgan’s decentralized finance platform Onyx announced the new crypto lab in Athens. According to Tyrone Lobbam, the initial focus will be developing blockchain-related capabilities to support Onyx.
Onyx is a platform that allows money to be transferred and cleared in multi-currency and multi-bank ledgers. In 2020, JP Morgan Chase established the DeFi platform to handle payment transactions on digital solutions.
According to Lobbam, the new lab will have four engineering positions: two full-stack developers, a launch technical manager, and a mobile app engineer. These engineers will concentrate on cryptography, distributed ledger technology, and artificial intelligence.
In addition, the mobile app engineer will work on digital identity mobile apps and blockchain wallet prototypes. Digital identity, according to Lobban, facilitates scale for web3 and enables new services and interactions for both web2 and web3.
The Crypto Exploits of JP Morgan Chase
When the American bank acquired the “JP Morgan Wallet” trademark in 2022, it began its crypto journey. The announcement went live on November 21, 2022, allowing the legacy bank to offer its customers bitcoin (BTC) and other crypto-related services.
Following the announcement, Mike Kondoudis of the US Patent and Trademark Office (USPTO) stated that the license would allow the top bank to provide virtual currency transfer and exchange, virtual checking accounts, crypto payment processing, and other financial services.
This means JP Morgan could accept cryptocurrency payments through cash and credit cards. The bank could also handle foreign exchange settlements in various currencies to process cross-border payments.
On November 2, 2022, Bloomberg reported that JP Morgan completed its first cross-border transaction on a public blockchain using DeFi. Other notable crypto moves by the bank include partnerships with New York Bank Mellon and Fidelity Bank to provide various crypto-related services.
Notably, JP Morgan’s CEO opposed crypto even as the bank investigated blockchain and crypto opportunities. In October 2021, the CEO declared bitcoin worthless and continued to be skeptical of cryptocurrency. Despite this, the bank continues to invest in the sector to satisfy its customers.