Financial giant JPMorgan has announced the opening of a new blockchain innovation lab in Greece. The lab will focus on developing applications on Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions.
JPMorgan to Push Blockchain Development in New Innovation Lab
JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will mainly focus on creating applications using Onyx, the platform launched by the bank in 2020.
This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for bank customers using Onyx’s technology. Tyrone Lobban, Head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative, including two full-stack software engineers, a mobile applications engineer and a technical manager.
The company has been using blockchain-based solutions for some time. Back in 2022, Lobban declared that the bank was settling $1 billion a day using blockchain technology.
Lobban also said this new group will be at the heart of researching and building digital identity solutions, to expand the capabilities the institution has already piloted before. The digital identity is list as one of the use cases being part of the services supported by the Onyx blockchain launch team.
On the importance that digital identity could have in the future, Lobban said:
We believe that digital identity is key to unlocking the scale of Web3 and can enable entirely new interactions and services for Web2 and Web3.
The institution’s interest in digital identity could be part of a process to not be left behind in the future. A report entitled “The Rise Of Digital Identity Wallets” published in January by the Mobey Forum, a global non-profit news group, explains that banks are uniquely positioned to be part of the digital identity structure of the future, by adding this service to their already existing digital wallets.
In January, reports surfaced that JPMorgan was part of a group of banks developing a digital wallet, alongside Wells Fargo, Bank of America and four other financial institutions.
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