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JPMorgan sets up an innovation hub in Greece to explore blockchain use

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JP Morgan, a major investment bank, announced A new Payments Innovation Lab to explore the use of distributed ledger technology (DLT) or blockchain in operations. The lab in Athens will be a key arm of the investment bank’s digital asset efforts.

This lab includes cryptography, artificial intelligence (AI), and DLTs, according to its disclosure. The Payments Innovation Lab will serve the needs of Onyx, a pioneering attempt by a bank to offer a next-generation payment rail for digital assets.

Takis Georgakopoulos, Global Head of JPMorgan Payments, said:

The bank is now in active talks with local agents to secure prime locations for its expansion into Greece. already, JP Morgan has confirmed that it is looking for new department heads, but applications for other roles are open with preference for local talent.

“The new office and investment in local, highly skilled talent is a testament to JP Morgan’s long-term commitment to Greece,” said Stelios Papadopoulos, senior country officer at the bank.

This isn’t the first time JP Morgan has done business in Greece, as the investment bank opened offices in Athens and Piraeus in 1968. He is considering setting up his DLT lab in Greece as a move that will only strengthen the relationship between the parties.

JP Morgan and Digital Assets

JP Morgan is no stranger to digital assets, but like other Wall Street firms, it has expressed a bit of skepticism towards the new asset class. ,important progress in the ecosystem.

“We believe that over time, tokenizing US Treasuries and money market fund stocks will mean that all of these could potentially be used as collateral for DeFi pools. Said“The overall goal is to bring these trillions of dollars of assets into DeFi so that these new mechanisms can be used for trading, borrowing. [and] Lending, but on the scale of institutional assets. ”

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

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

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