JPMorgan Chase has set up a new business to house its work on blockchain and digital currencies, as its own JPM Coin is to be used commercially for the first time this week.

The new division, called Onyx, has been under construction for the past five years. It will have more than 100 employees working on its projects at launch, the bank’s global head of wholesale payments Takis Georgakopoulos told CNBC in a 27 October interview.