Monday, February 12, 2024 – JPMorgan Chase is actively exploring the role of blockchain technology in financial transactions through its dedicated platform, Onyx. 1
Launched in 2020, Onyx serves as an authorised blockchain platform specifically designed for the wholesale payments sector.
It facilitates secure and efficient cross-border transactions, offering advantages like reduced counterparty risk and faster settlement times compared to traditional methods.
However, JPMorgan’s ambitions extend beyond just payments, according to reports.
The bank is expanding its blockchain exploration through the platform with initiatives like Project Guardian, a collaboration with Apollo that investigates the potential of tokenization in managing investment portfolios across traditional and alternative assets.
Additionally, Onyx also enables programmable payments with JPMorgan Coin, the bank’s digital currency, allowing users to automate transactions based on predefined conditions.
JPMorgan’s active exploration of the platform shows the balancing act the financial sector faces, acknowledging blockchain’s potential while navigating the existing hurdles to its widespread adoption.
Although JPMorgan is one of the major financial institutions investing in cryptocurrency related technologies, its CEO, Jamie Dimon, has consistently expressed strong criticisms of these technologies.
During a Senate hearing last September, he emphasized that his concerns were not solely related to banking but extended to national security.
- Onyx Platform: https://bnnbreaking.com/tech/jpmorgan-chase-explores-blockchain-evolution-in-financial-transactions-through-onyx-platform[↩]
