J.P. Morgan, one of the world’s leading financial institutions, has recently announced that it is ramping up its efforts to promote and expand its blockchain product suite, Onyx. Onyx is a platform that leverages distributed ledger technology (DLT) to provide innovative solutions for payments, clearing and settlement, trade finance, and digital asset management.
According to the company’s website, Onyx aims to “reimagine the way the world moves money and conducts business” by harnessing the power and potential of blockchain. Some of the products that are part of Onyx include:
JPM Coin: A digital currency that enables instantaneous cross-border payments and settlement between institutional clients.
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Liink: A network that connects banks and corporates to streamline information exchange, verification, and compliance processes.
Confirm: A solution that facilitates the confirmation of foreign exchange trades and reduces operational risks and costs.
IIN: An interbank information network that enables faster and more secure cross-border payments by sharing payment-related data among participating banks.
Dromaius: A platform that digitizes trade finance transactions and enables real-time visibility, collaboration, and automation across the trade ecosystem.
J.P. Morgan has been vocal about its blockchain ambitions and achievements in various forums and media outlets. For instance, the company recently hosted its annual Blockchain Summit, where it showcased its Onyx products and shared insights from its blockchain experts and partners.
The company also published a report titled “Blockchain 2025: A Roadmap for Digital Asset Adoption”, where it outlined the drivers, challenges, and opportunities for blockchain adoption in various sectors and regions.
The company’s blockchain leadership has also been recognized by several industry awards and rankings. For example, J.P. Morgan was named as one of the “Most Innovative Companies in Blockchain” by Fast Company in 2020, and as one of the “Blockchain 50” by Forbes in 2021. The company also ranked first in the “Blockchain in Banking” category in the 2021 IDC FinTech Rankings.
J.P. Morgan’s blockchain journey is not without challenges, however. The company faces competition from other financial institutions, technology firms, and startups that are also developing and deploying blockchain solutions.
Moreover, the company has to navigate the complex and evolving regulatory landscape that governs the use of blockchain and digital assets in different jurisdictions. Additionally, the company has to overcome the technical and cultural barriers that may hinder the adoption and integration of blockchain across its businesses and clients.
To illustrate the value proposition of Onyx, here are some quotes from some of J.P. Morgan’s clients who have used or are planning to use its blockchain products:
“We are excited to be a part of Liink as it will help us streamline our payment processes and enhance our customer experience.” – Rajesh Mehta, Regional Head of Treasury Services for Asia Pacific at Citi
“We see JPM Coin as a game-changer for cross-border payments. It will enable us to settle transactions faster, cheaper, and more securely.” – Takis Georgakopoulos, Global Head of Wholesale Payments at J.P. Morgan
“We are impressed by the capabilities of Dromaius as it will allow us to digitize our trade finance operations and reduce manual work and errors.” – Daniel Schmand, Global Head of Trade Finance at Deutsche Bank
“We are looking forward to using Confirm as it will simplify our foreign exchange trading process and improve our risk management.” – Marc Badrichani, Global Head of Markets at J.P. Morgan
Nonetheless, J.P. Morgan seems determined to pursue its blockchain vision and mission with Onyx. As Umar Farooq, the CEO of Onyx, said in a recent interview: “We are shifting from being builders to being operators of this network. We are bringing people to actively use the network.”
CCTP launch has increased USDC liquidity and activity across Cosmos Blockchain
Meanwhile, the Cosmos Blockchain has witnessed a significant boost in USDC adoption and circulation since the launch of the Cross-Chain Transfer Protocol (CCTP) last month. The CCTP is a decentralized protocol that enables the seamless transfer of USDC, the world’s leading digital dollar stablecoin, between different blockchains.
This allows users to access a wide range of decentralized applications (DApps) and services across the Cosmos ecosystem, such as DeFi, NFTs, gaming, and more.
According to the latest data from CoinGecko, the total value locked (TVL) of USDC on Cosmos has increased by over 300% since the CCTP launch, reaching over $1.5 billion as of December 26, 2023. The number of active USDC addresses on Cosmos has also grown by more than 400%, surpassing 100,000. Moreover, the volume of USDC transactions on Cosmos has spiked by over 500%, exceeding $10 billion in the same period.
These impressive figures indicate that USDC is becoming a dominant force in the Cosmos Blockchain, providing users with a fast, secure, and low-cost way to move value across different chains. USDC also offers users a stable and reliable store of value, as it is backed by fully reserved assets and redeemable on a 1:1 basis for US dollars.
Furthermore, USDC is compliant with the highest standards of regulation and transparency, as it is regularly audited by independent firms and governed by the Centre Consortium, a collaboration between Circle and Coinbase.
The CCTP launch has not only increased USDC liquidity and activity on Cosmos, but also enhanced the interoperability and innovation of the entire blockchain industry. By enabling cross-chain transfers of USDC, the CCTP has opened up new possibilities for collaboration and integration between different projects and platforms.
For instance, users can now easily swap USDC for other native tokens on Cosmos using decentralized exchanges (DEXs) such as Osmosis and Gravity DEX. Users can also leverage USDC to participate in lending and borrowing markets on Cosmos using protocols such as Anchor and Kava. Additionally, users can utilize USDC to create and trade NFTs on Cosmos using platforms such as Juno and Starname.
The CCTP launch has been a milestone for both USDC and Cosmos, demonstrating the power and potential of cross-chain communication and coordination. As more blockchains join the CCTP network, USDC will continue to expand its reach and utility across the blockchain space, creating more value and opportunities for users and developers alike. The future of USDC on Cosmos is bright, and we are excited to see what lies ahead.