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JPMorgan Exploring Digital Identity Wallets in Web3

Leading investment bank, JPMorgan, is delving into the realm of “the new web,” envisioning a future where individuals can seamlessly navigate across digital spaces, securely leveraging a single digital identity across various platforms.

Specifically, the bank is investigating the potential of creating a digital wallet or a Web3 digital ID product. The current status of its development remains undisclosed.

According to JPMorgan’s official website:

“Web3 necessitates a revamped approach for engaging with digital assets, safeguarding our identities, and tapping into the Web3 economy.”

JPMorgan manages its enterprise blockchain, Liink, through a distinct division named Onyx. Liink, a proprietary and permissioned blockchain tailored for in-house operations, is characterized by JPMorgan as an “on-chain commercial bank payment solution.”

In a recent video presentation, Onyx emphasized its commitment to revolutionizing “the future of digital identity and digital assets.” They envision enabling users to:

“Manage your digital persona and all associated digital assets through a singular digital wallet.”

The narrative presented in the video highlights Onyx’s foray into a digital era where users can conveniently accumulate, view, and disseminate digital assets inherently tied to their online identity, centralized in one location.

Onyx contends that genuine ownership and dominion over one’s digital identity are pivotal in the ongoing metamorphosis of online engagements. This shift encompasses not just communication but also self-expression, coupled with the verification of an individual’s identity, digital commodities, precious items, and even cherished recollections.

Onyx posits that as digital assets become increasingly transferable and ownership becomes more ubiquitous, a digital identity becomes indispensable. Such an identity allows individuals to govern their identity credentials, enabling them to authenticate their identity and selectively disclose only the desired information.

With Onyx’s prospective solution, individuals can handpick the specific identity credentials they wish to divulge during their digital interactions, be it within Web3, decentralized finance (DeFi) platforms, the metaverse, or even wider realms.

Emphasizing the potential of this innovation, the video from the company suggested that users can safeguard their identities in specific scenarios. For instance, when opting for buy-now, pay-later services, a user might choose to share only their credit score, keeping the rest of their personal details concealed.

Furthermore, this approach would facilitate the verification of ownership for non-fungible tokens (NFTs) across diverse platforms.

Onyx’s upcoming product promises to empower content creators with the flexibility to transition between platforms while taking their audience with them.

In the video, Onyx confirmed the ongoing development of the product. However, a caveat was added, stating:

“The solution highlighted herein serves as a proof of concept and is not a finalized product. There’s no assurance that JPMorgan will introduce this solution to the market.”

In a related development from September, JPMorgan announced its hunt for a Web3 specialist. The bank aimed to recruit a business development manager for its Technology, Media, and Telecom West Coast Team, emphasizing firms based in North America.

In a recent move, JPMorgan onboarded Aaron Iovine, previously associated with the now-defunct crypto lender, Celsius.

It’s noteworthy to mention that back in 2019, JPMorgan unveiled a centralized digital token named JPM Coin.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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