Once upon a recent Tuesday—or maybe a Wednesday, who keeps track anymore—America’s fattest bank, JPMorgan Chase, decided to tiptoe through the tulips of blockchain, only to realize there were no tulips, only digital assets and a rather befuddled IT department.
In an act that could arguably be called “brave” if not for all the lawyers present, JPMorgan Chase publicly settled its first blockchain transaction using Chainlink (LINK)—a name that sounds suspiciously like the villain in a Bond film—and Ondo Finance (ONDO), who probably only agreed to participate because no one’s ever heard of them. Even Fortune had to take a break from reporting on gold-plated yachts to cover it.
This chapter marks the first time JPMorgan has dared set its corporate loafers outside its own private blockchain—previously known as “We’ll Do It Ourselves: The JPMorgan Story.” No more walled gardens; now it’s all open fields, wildflowers, and the distant howling of regulatory werewolves.
Chainlink co-founder Sergey Nazarov chimed in with all the fanfare of a wizard foretelling doom or glory:
“This is not just another POC (proof of concept)… This is the beginning of something big.”
Of course, all beginnings are “big” when you’re trying to sound important at a tech conference (buffet included).
Behind the scenes—and sometimes in conference lobbies queuing for coffee—Nelli Zaltsman, head of JPMorgan’s kin-etically named blockchain adventure, Kinexys, confessed that this cross-blockchain shindig has been percolating since she bumped into Nazarov years ago. No word on whether pastries were involved, though researchers remain hopeful.
Kinexys, previously called Onyx until someone decided “X”s make everything cooler, pledges to magically streamline money movement, improve asset settlement speeds, unlock liquidity, and (if the stars align) summon new revenue from deep within the digital lair. Presumably they’ll invent more buzzwords if those run out.
As of November 2024, Kinexys proudly declared they’ve juggled $1.5 trillion in transactions—give or take the odd rounding error—and that payment volume went up 10x. It’s unclear what “x” was, but it definitely > 1.
Meanwhile, outside in the wild crypto markets, LINK and ONDO are up 24% and 21% respectively this week. That’s either investment magic or sheer coincidence; as usual, your wallet mileage may vary. 🚀💸
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2025-05-14 21:41