JPMorgan Chase, the world’s largest investment bank, has announced the opening of an innovation center in Athens, Greece. This is where they can experiment with blockchain knowledge to develop new services and products. The financial institution’s 2020 Onyx platform would be the primary focus of the lab’s software development efforts.
The Blockchain Launch team, which collaborates with Onyx to build blockchain-based applications for the bank’s clients, will now have a fully dedicated innovation lab to supplement their efforts. Tyrone Lobban, JPMorgan’s Head of Blockchain Launch & Onyx Digital Assets, recently announced the creation of four new positions to support the company’s new blockchain mission. Furthermore, these positions may be for a mobile app engineer, a technical supervisor, and two full-stack software engineers.
Banks Rely on Blockchain Technology
Furthermore, the company has long relied on blockchain-based tools. Lobban claimed in 2022 that the financial institution was settling $1 billion per day using blockchain expertise. Furthermore, Lobban stated that this new workforce would be critical in developing digital identification options. To improve the capabilities of the institution’s pilot programs. One of the many use cases supported by Onyx’s blockchain launch team is digital identification.
Furthermore, the group’s apparent preoccupation with digital identification could be an attempt to remain aggressive. The Mobey Discussion board, a global nonprofit perception group, published a paper in January titled “The Rise of Digital Id Wallets,” They recommend that banks are well-positioned to play a role in digital identification construction by incorporating this service into their existing digital wallets.
Furthermore, it was reported in January that JPMorgan, Wells Fargo, the Financial institution of America, and four other banking organizations were working on a digital wallet.