JPMorgan’s Native Cryptocurrency JPM Coin is Ready For Commercial Use, Execs Say

Published by
JPMorgan’s Native Cryptocurrency JPM Coin is Ready For Commercial Use, Execs Say

The long-awaited launch of investment giant, JPMorgan’s ‘JPM Coin’ is reportedly being used for the first time this week by a “large technology client” to execute payments commercially that is using it for round-the-clock cross-border payments. The company has, however, not yet disclosed the name of the major tech firm which will be leveraging the crypto. This was first reported by CNBC and then Christine Moy, the blockchain lead at JPM, confirmed the news via Twitter.

Advertisement

Focus Point

Takis Georgakopoulos, the bank’s Global Head of wholesale payments mentioned that JPMorgan intends to focus on addressing the pain points and other inefficiciencies plaguing the wholesale payments sector, especially in areas where the industry could a lot of funds with a better solution. On a similar note, the exec spoke about the complicacies of processing paper checks which can be radically simplified using a blockchain. His words were,

“We’re talking about hundreds of millions of checks being sent. Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days.”

Advertisement

A Little History

It was in back in February 2019, when JP Morgan Chase launched its own cryptocurrency. With this development, it went on to become the first major US bank to create a cryptocurrency. JPMorgan had earlier create a new business to house its blockchain and digital currency efforts dubbed ‘Onyx’. Umar Farooq, who was previously the Head of JPMorgan’s blockchain projects, was named as the CEO of Onyx.

Talking about the platform, Georgakopoulos, further asserted,

“We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.”

Advertisement

Reports of Delay

Switzerland-headquartered Financial Stability Board [FSB] recently published its G20 recommendations on global stablecoins [GSC] wherein it suggested new standards for global regulations be set by mid-2022. The paper also mentioned that these regulations could also apply to wholesale stablecoins. Due to the hostile regulatory climate, this posed a threat to the wholesale global stablecoin and hence reports of JPMorgan to potentially delay the launch emerged.

Advertisement

Share
Ketaki Dixit

Experienced writer and editor with a demonstrated history of working in the industry. Skilled in Copywriting, Web Content Writing, Copy Editing, Writing, Cryptocurrency News Writing, and News Editing.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025