JPMorgan launches blockchain business Onyx

That development, along with other behind-the-scenes moves, persuaded JPMorgan to create the unit that has more than 100 dedicated staffers.

JPMorgan’s move could provide a boost to the broader blockchain and cryptocurrency industries, whose proponents believe that mainstream adoption is nearing. The company is also looking into creating new, separate payment rails for central banks that have expressed interest in starting their own currencies.

The bank’s JPM Coin is now live with a large international technology company that is using it for round-the-clock cross-border payments, JPM says. Other clients are currently being on-boarded as well.