JPMorgan has launched its digital currency, JPM Coin this week.
It is said that a number of international technology companies have used the assets for cross-border payments. However, the firm did not disclose further information regarding its users.
The central bank of Singapore, Monetary Authority of Singapore (MAS), is one of them, reportedly using JPM Coin in testing the central bank's digital currency (CBDC).
JPMorgan's efforts in publishing digital assets have been evident since February last year, and the establishment of Onyx, which has been planned since 2015, overshadows blockchain and digital currency initiatives.
Onyx launched at the same time is a new unit where they aim for new changes in the financial sector by maintaining JPMorgan's commitment to more inclusive financial system innovations.
The actions of this giant banking firm have the potential to open up opportunities for the wider blockchain and cryptocurrency industry as proponents of digital assets begin to be confident in its use.
Earlier, JPMorgan also expressed optimistic views on Bitcoin (BTC), assuming that the asset will jump higher.
The firm’s shares today saw a 1.9% decline close to $ 99.33 while BTC jumped 5% to $ 13,800.
JPMorgan is the largest player in the industry with a record record of more than $ 6 trillion a day, involving more than 100 countries.
