JPMorgan Creates Innovation Center in Greece to Explore Blockchain Uses

Central, Hong Kong, China - 02 October 2018: Skyscraper building is seen in Central banking district, Hong Kong. — Stock Editorial Photography

Investment banking giant JPMorgan announced the creation of a new Payments Innovation Lab to explore the use of distributed ledger technology (DLT), or blockchain, in its operations. The laboratory, located in Athens, will become the main focus of the investment bank’s work with digital assets.

The lab will be staffed by a team of 50 people versed in cryptography, artificial intelligence (AI) and DLT. The Payments Innovation Lab will serve the needs of Onyx, the bank’s pioneering effort to offer next-generation payment rails for digital assets.

“We want to stay at the forefront of payments innovation and our new location in Athens will be a key hub for our cutting-edge payments innovation work,” said Takis Georgakopoulos, Global Head of JP Morgan Payments.

The bank is currently actively negotiating with local agents to secure the best location for expansion into Greece. JPMorgan has already confirmed it is looking for a head of a new division, while applications for other positions have been opened with a preference for local talent.

“Our investment in a new office and a highly skilled local workforce is a testament to JP Morgan’s longstanding commitment to Greece,” said Stelios Papadopoulos, senior bank officer.

The new division is not the first time JPMorgan has done business in Greece, as investment banks opened offices in Athens and Piraeus as early as 1968. see the establishment of a DLT laboratory in Greece as a step that will only strengthen the ties between both parties.

JPMorgan and digital assets

JPMorgan is no stranger to digital assets, but like other Wall Street firms, it has been skeptical of the new asset class. However, in recent years, the bank has seized on the case, making significant progress in the ecosystem.

“Over time, we believe that the tokenization of U.S. Treasuries or money market fund shares, for example, means they can all potentially be used as collateral in DeFi pools,” said Tyrone Lobban, head of Onyx and digital assets at the bank. “The overall goal is to bring these trillions of dollars of assets into DeFi so we can use these new mechanisms to trade, borrow [and] lending, but with the scale of institutional assets”.

Despite the bank’s ambitious goals, it argues that consumer protection of the entire ecosystem should be a priority to prevent events that could threaten the ecosystem’s survival.

Watch: BSV Global Blockchain Convention Panel, The Future of Financial Services on Blockchain: More Efficiency and Inclusion

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Written by khirou

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