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Tuesday, March 28, 2023

JPMorgan to Open Blockchain Innovation Lab in Greece

JPMorgan to Open Blockchain Innovation Lab in Greece – JPMorgan, the investment bank serving millions of customers, has disclosed its plans to establish an innovation lab in Greece. The lab aims to create solutions using blockchain tools, with a primary focus on developing applications using Onyx, the bank’s platform launched in 2020.

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The newly established innovation lab will operate as a constituent of the Blockchain Launch group, responsible for creating and enhancing blockchain-powered software for the bank’s customers through the utilization of Onyx’s technology. Tyrone Lobban, who serves as the Head of Blockchain Launch & Onyx Digital Assets at JPMorgan, stated that the bank intends to recruit for four new roles to support this venture.

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These positions include two full-stack software engineers, a mobile app engineer, and a technical manager. JPMorgan has been implementing blockchain-based solutions for a considerable amount of time. In 2022, Lobban affirmed that the bank was utilizing blockchain technology to settle transactions worth $1 billion daily. Furthermore, Lobban noted that this fresh team would play a crucial role in researching and developing digital identity solutions, expanding the capabilities the bank has already trialed.

Onyx’s blockchain launch team provides support for several services, including digital identity, which will also be a primary focus for this new group. About the significance that digital identity could have in the future, Lobban declared: “We believe that Digital Identity is key to unlocking scale for Web3 and can enable entirely new interactions and services for Web2 and Web3 alike.”

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JPMorgan’s focus on digital identity solutions may be attributed to its desire to remain competitive in the future. The Mobey Forum, a global nonprofit insight group, released a report in January titled “The Rise of Digital Identity Wallets,” highlighting that banks possess a unique advantage in being part of the future digital identity infrastructure.

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Consequently, financial institutions can incorporate this service into their existing digital wallets. In line with this development, JPMorgan joined forces with Wells Fargo, Bank of America, and four other financial institutions to develop a digital wallet in January.

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