JPMorgan stablecoin goes live, interbank group renamed to "Liink"

JPMorgan, the US bank whose CEO Jamie Dimon once called Bitcoin a scam and held a bearish stance for the cryptocurrency market, today announced the launch of its stablecoin and blockchain protocol after years in the development.

Takis Georgakopoulos, the bank's global head of wholesale payments, confirmed in a note that the firm's JPM Coin is being used commercially for the first time this week by a large technology client to send payments around the world.

As per a CNBC report, the move was buoyed along with other "Behind-the-scene moves" that persuaded JPMorgan to devote an entire business vertical to "Onyx," a new blockchain and digital currency research division.

JPMorgan moves over $6 trillion a day across more than 100 countries, making it one of the world's biggest players in cross-border payments.

JPMorgan creates new division Onyx focused on #blockchain, JPM Coin is LIVE, the 400 bank network Liink has a new LIVE app to Confirm account info before payments to prevent fraud https://t.

Georgakopoulos said the bank remains focused on solving the issues related to wholesale payments, specifically in areas where the industry could save hundreds of millions of dollars with a better solution.

Banks could charge a few cents to confirm data for each transaction, saving money on remediating mistakes and creating a model to earn money by participating in the network, noted Umar Farooq, the CEO of Onyx.Additional payment rails coming soon.

The company is also looking into creating new, separate payment rails for central banks that have expressed interest in starting their own currencies.

The interbank group that would test and interact on the Onyx network has been renamed to "Liink," leading to some prominent cryptocurrency observers on Twitter draw its parallels with Chainlink, the world's seventh-largest cryptocurrency by market cap.

SO JPM re-branded their blockchain payment network as a homage' to Chainlink marines? that's one way to spur adoption.