Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions.
JPMorgan to Push Blockchain Development in New Innovation Lab
JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will focus primarily 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 technical manager.
The company has been using blockchain-based solutions for some time. Back in 2022, Lobban stated that the bank was settling $1 billion daily using blockchain tech.
Digital Identity
Lobban also stated that this new group will be core to the research and construction of digital identity solutions, to extend the capabilities that the institution has already piloted before. Digital identity is listed as one of the use cases that is part of the services supported by Onyx’s blockchain launch team.
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.
The interest of the institution in digital identity could be part of a move to avoid being left behind in the future. A report titled “The Rise Of Digital Identity Wallets” issued in January by the Mobey Forum, a global nonprofit insight group, explains that banks are uniquely positioned to be part of the digital identity structure of the future, adding this service to their already existent digital wallets.
In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, alongside Wells Fargo, Bank of America, and four other financial institutions.
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