Fraud prevention platform Trustpair announced on October 1 the integration of investment bank JPMorgan’s blockchain-based solution Confirm to verify bank account information.
Confirm is a closed network for global account validation information built on Liink, the enterprise-grade, permissioned and private blockchain developed by JPMorgan’s Onyx division.
Gloria Wan, Executive Director at Onyx by JP Morgan, stated that Confirm was founded to provide collective intelligence to improve decision making for businesses. She added:
“Companies operate in a target=”_blank” rel=”noopener”>Jamie Dimon, who calls Bitcoin a fraud.
In 2019, the investment bank launched its own cryptocurrency – the JPM Coin – for large-scale payments between institutions. A year later, JPMorgan launched its blockchain-focused Onyx unit.
JPMorgan conducted its first transaction on a public blockchain in November 2022. The bank issued 100,000 Singapore dollars and exchanged it for Japanese yen with SBI Digital Asset Holdings on the Polygon blockchain using a forked version of leading money market Aave.
According to Onyx’s website, JPMorgan now offers three different major products that use blockchain in addition to Liink. Coin Systems is a bank-centric transfer and clearing solution using JPM Coin.
Blockchain Launch is a team within the Onyx unit that provides blockchain service to JPMorgan’s clients, while Onyx Digital Assets is the investment bank’s tokenization platform.