Investment banking giant JPMorgan has announced a new Payments Innovation Lab to explore the use of distributed ledger technology (DLT) or blockchain in its operations. Located in Athens, the lab will be the main arm of the investment bank’s push into digital assets.
The lab will be manned by a team of 50 persons versed in the areas of cryptography, artificial intelligence (AI), and DLT, according to its disclosure. The Payments Innovation Lab will cater to the needs of Onyx, a pioneering attempt by the bank to offer next-generation payment rails for digital assets.
“We want to stay at the apex of payments innovation, and our new location in Athens will be a key nerve center for our cutting-edge payments innovation work,” noted Takis Georgakopoulos, Global Head of JP Morgan Payments.
Currently, the bank is in active discussions with local agents to secure a prime location for the expansion into Greece. Already, JPMorgan has confirmed that it is shopping for a head of the new division, while applications for other roles have been thrown open with a preference for local…