As the crypto industry evolves, top players in the traditional financial industry have begun to join the trend via diverse projects. A recent report disclosed that JP Morgan plans to open a crypto lab in Athens. According to StockWatch’s report, the lab will focus on data encryption and security.
JP Morgan Chase is one of the largest American banks. Aside from its normal banking services, JP Morgan also provides institutional research on economics, financial markets, personal finance, etc.
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An Innovation Lab In Athens
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 on building blockchain-related capabilities to support Onyx.
Onyx is a platform that facilitates the transfer and clearing of money in multi-currency and multi-bank ledgers. JP Morgan Chase formed the DeFi platform in 2020 to handle payment transactions on digital solutions.
In Lobbam’s statement, the new lab has four engineering roles; two full-stack developers, a launch technical manager, and a mobile app engineer. These engineers will focus on three primary areas: cryptography, distributed ledger technology, and artificial intelligence.
Also, the mobile app engineer will work on digital identity mobile apps and wallet prototypes based on the blockchain. According to Lobban, digital identity facilitates scale for web3 and enables new services and interactions for both web2 and web3.
JP Morgan Chase’s Crypto Exploits
The American bank started its crypto journey in 2022 when it acquired the trademark for the “JP Morgan Wallet.” The announcement went live on November 21, 2022, enabling the legacy bank to offer its customers bitcoin (BTC) and other crypto-related services.
After the announcement, US Patent and Trademark Office (USPTO) attorney, Mike Kondoudis, 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 process crypto payments through cash and credit cards. The bank could also process cross-border payments by handling foreign exchange settlements in many currencies.
On November 2, 2022, Bloomberg reported that JP Morgan completed its first cross-border transaction via DeFi on a public blockchain. Other notable moves the bank has made in crypto include its partnerships with New York Bank Mellon and Fidelity bank to offer various crypto-related services.
Notably, JP Morgan’s CEO was firmly against crypto even when the bank explored opportunities in blockchain and crypto. In October 2021, the CEO declared that bitcoin is worthless and continued showing skepticism towards crypto. But despite this, the bank keeps pushing into the sector in a bid to satisfy its customers.
Featured image from Pixabay and chart from TradingView.com