JP Morgan to open blockchain innovation lab in Greece
JPMorgan, the investment bank with millions of clients worldwide, has announced the launch of a state-of-the-art innovation lab in Greece that will develop solutions based on blockchain using them. The lab will primarily focus on building applications that use the platform Onyx to be launched by the bank in 2020. Presenting the latest innovation the lab is part of the Blockchain Launch Group as it is capable of creating and developing blockchain based software for the bank’s customers using Onyx’s technology.
Tyrone Lobban, Head of Blockchain Launch & Onyx Digital Assets at JP Morgan, reveals that the company will be filling 4 new positions for this latest initiative, which will include two Full Stack Software Engineers but also a Mobile App Engineer and a Technical Manager. The company has been using blockchain-based solutions for some time. Back in 2022 it was said that banks were processing and settling $1 billion in payments per day using blockchain technology. It also stated that this latest group will be critical to research and build digital identity solutions to expand the services that the institute has already operated. Digital Identity is listed as each one of those cases as a part of the services supported by Onyx’s blockchain launching team. Regarding the importance of digital identity in the future, Loban declares that he believes that digital identity is a key to unlocking the scale of web3 and that he is equally and fully committed to web 2 and web 3 interactions and services. can enable. Institution listing in digital identity can be a great step in future to avoid being left behind. A report titled “The Rise of Digital Identity Wallets” released in January by the global non-profit group Mobi Forum suggests that banks are uniquely positioned to be part of the digital identity infrastructure of the future, and that the service has already Existing digital wallet is considered as part. Reports in January suggested that JPMorgan was part of a larger consortium of banks to develop a digital wallet along with Wells Fargo, Bank of America and four other financial institutions.