JPMorgan has officially set up a new unit to focus on its blockchain and cryptocurrency efforts.  

In Brief:  

• This comes as its digital currency, JPM Coin, is starting to be used.  

• It created a digital token last year as part of its wholesale payments business.  

• The new unit, Onyx, will have over 100 staff.  

What does this mean?  

JPMorgan has said it’s at a period of “commercialisation” when it comes to blockchain and digital currency, having moved through the research and development stage.  

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