JP Morgan Chase, one of the largest American banks, has announced its foray into the world of cryptocurrencies. The bank recently revealed plans to open a crypto lab in Athens, according to a report by StockWatch.
The lab will reportedly focus on data encryption and security. This move is yet another indication of how the traditional financial industry is joining the crypto trend.
The new crypto lab will initially focus on building blockchain-related capabilities to support Onyx, JP Morgan’s decentralized finance platform.
The platform facilitates the transfer and clearing of money in multi-currency and multi-bank ledgers. The lab will have four engineering roles, two full-stack developers, a launch technical manager, and a mobile app engineer.
These engineers will focus on cryptography, distributed ledger technology, and artificial intelligence.
The mobile app engineer will work on digital identity mobile apps and wallet prototypes based on the blockchain.
According to Tyrone Lobbam, the head of JP Morgan’s Onyx platform, digital identity facilitates scale for web3 and enables new services and interactions for both web2 and web3.
JP Morgan’s crypto journey began in 2022 when it acquired the trademark for the “JP Morgan Wallet.” The move enabled the legacy bank to offer its customers bitcoin (BTC) and other crypto-related services.
The US Patent and Trademark Office (USPTO) attorney, Mike Kondoudis, stated that the license would allow the top bank to provide virtual currency transfer and exchange, virtual checking accounts, crypto payment processing, and other financial services.
