Financial giant JP Morgan announced the opening of a new blockchain innovation lab in Greece. The lab will focus on application development on Onyx, the bank’s 2020 launch blockchain platform, and digital identity solutions.
JP Morgan to Drive Blockchain Development with New Innovation Lab
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JP Morgan, an investment bank with millions of customers worldwide, has launched a new innovation lab in Greece to develop blockchain tool-based solutions using blockchain tools. The lab will primarily focus on building applications using Onyx, the bank’s 2020 launch platform.
The new innovation lab will be part of the Blockchain Launch Group, which will use Onyx technology to prepare and develop blockchain-based software for the bank’s customers. Tyrone Roban , head of blockchain launches. JP Morgan’s Onyx Digital Assetsrevealed that it is hiring for four new positions for this new initiative, including two full-stack software engineers, a mobile app engineer, and a technical manager.
The company has been using blockchain-based solutions for some time; in 2022, Lobban said that banks are settling $1 billion every day using blockchain technology.
Digital Identity
Lobban also said the new group will be at the core of researching and building digital identity solutions, expanding on capabilities the institution has already piloted previously. Digital identity is listed as one of the use casesthat are part of the services supported by Onyx’s blockchain launch team.
Regarding the possible future significance of digital identities, Roban declared.
We believe that digital identity is the key to unlocking the scale of Web3 and enabling entirely new interactions and services for both Web2 and Web3.
Institutional interest in digital identity may be part of a movement to ensure that they are not left behind in the future. In a report titled “The Rise Of Digital Identity Wallets,” published in January by the Moby Forum, a global nonprofit insight groupentitled “The Rise Of Digital Identity Wallets,” banks are in a unique position to be part of the future digital identity structure and are already adding this service to their already existing digital wallets.
In January, it was reported that JPMorgan, along with Wells Fargo, Bank of America, and four other financial institutions, are part of a group of banks developing a digital wallet.
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