Although JPMorgan Chase CEO Jamie Dimon has been consistently critical of Bitcoin, the bank’s blockchain division Onyx has expanded its staff to 300 employees, and the daily trading volume of JPM Coin has reached $1 billion.
Title: JPMorgan’s Blockchain Division Expanding Rapidly, JPM Coin’s Daily Trading Volume Surpasses $1 Billion
JPMorgan Chase CEO Jamie Dimon has long been critical of Bitcoin, stating as early as 2014 that “BTC is a terrible store of value,” and in 2017 even claiming that any employee found trading Bitcoin would be fired.
However, according to a report from DLNews citing internal sources at JPMorgan Chase, Dimon actually has a strong affinity for blockchain technology and a keen interest in decentralized finance (DeFi), which seems to contrast with his publicly expressed stance.
On the other hand, JPMorgan Chase’s blockchain division, Onyx, has expanded its staff to 300 people, up from just 100 three years ago. Umar Farooq, head of the Onyx division, previously explained the reasons behind JPMorgan Chase’s adoption of blockchain technology.
Cryptocurrency and macroeconomist Noelle Acheson analyzed and explained the contradictory behavior of Dimon criticizing Bitcoin while embracing blockchain technology.
In fact, JPMorgan Chase has been involved in the Web3 business since 2017 and launched the B2B digital token, JPM Coin, in 2020. The JPM Coin, pegged 1:1 to the US dollar, aims to facilitate instant settlement and solve traditional cross-border payment barriers for corporate institutional customers by enabling the transfer of deposits held by JPMorgan Chase.
According to a previous report from CoinDesk, Takis Georgakopoulos, global head of payments at JPMorgan Chase, stated on October 26 that the daily trading volume of JPM Coin has already reached $1 billion. They also plan to expand the use of JPM Coin from B2B to the consumer sector.
Additionally, Umar Farooq, global head of financial institution payments at JPMorgan Chase, stated during an interview at the Singapore FinTech Festival in mid-November that the daily trading volume of JPM Coin is expected to increase at least 5-10 times within the next one to two years, reaching $10 billion.
JPMorgan Chase’s blockchain division, Onyx, has four core business areas. The first product of the token system business is JPM Coin. The bank has also established digital asset services that utilize blockchain technology to process, record, and complete various digital asset settlements and deliveries.
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Onyx Department Structure
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