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Financial giant JPMorgan has announced that it will open a new blockchain innovation lab in Greece. The laboratory will be focused on developing applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions.
JPMorgan, the investment bank with millions of clients worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The laboratory will primarily focus on building applications that use 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 customers of the bank 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 app engineer and a CTO.
The company has been using blockchain-based solutions for some time. Back in 2022, Lobban tired that the bank settled $1 billion daily using blockchain technology.
Lobban also stated that this new group will be at the core of research and construction of digital identity solutions, to expand the possibilities that the institution has already piloted in the past. Digital identity is listed as one of the use cases that are part of the services supported by Onyx’s blockchain launch team.
On the importance digital identity may have in the future, Lobban declared:
We believe that digital identity is the key to unlocking scale for Web3 and can enable completely new interactions and services for both web2 and Web3.
The institution’s interest in digital identity may be part of a move to avoid being left behind in the future. A report titled “The Rise Of Digital Identity Wallets” released in January by Mobey Forum, a global non-profit insight group, explains that banks are uniquely positioned to be part of the digital identity fabric of the future, adding this service to their already existing digital wallets .
In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, along with Wells Fargo, Bank of America and four other financial institutions.
What do you think about the innovation lab that JPMorgan is launching in Greece? Tell us in the comments section below.
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