As the crypto industry continues to gain momentum, traditional financial players are starting to join the trend. In a recent report, JP Morgan revealed plans to open a crypto lab in Athens that will focus on data encryption and security.
This move is part of the bank’s larger strategy to expand its blockchain-related capabilities to support its decentralized finance platform, Onyx.
Onyx is a platform that facilitates the transfer and clearing of money in multi-currency and multi-bank ledgers. The DeFi platform was formed in 2020 to handle payment transactions on digital solutions. According to the head of Onyx, Tyrone Lobbam, the new crypto lab in Athens will initially focus on building blockchain-related capabilities to support Onyx.
The lab will have four engineering roles, including 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 also work on digital identity mobile apps and wallet prototypes based on the blockchain.
According to Lobbam, digital identity is essential for scaling web3 and enabling new services and interactions for both web2 and web3.
This move is significant as JP Morgan has been on a crypto journey since 2022, when it acquired the trademark for the “JP Morgan Wallet.” The acquisition enabled the bank to offer its customers bitcoin (BTC) and other crypto-related services.
The license granted to JP Morgan by the US Patent and Trademark Office (USPTO) allows the bank to provide virtual currency transfer and exchange, virtual checking accounts, crypto payment processing, and other financial services.
This means JP Morgan can process crypto payments through cash and credit cards and handle foreign exchange settlements in multiple currencies.