JPMorgan Chase has finally accepted digital currencies as the future. Chase said they put their own digital currency, JPM Coin, to use this week for the first time with its first paying customer. They also announced a new division to oversee all crypto and digital currency initiatives—Onyx—with a dedicated staff of over 100 people and is being led by CEO Umar Farooq. Their blockchain network will be called Liink (not to be confused with Chainlink). They describe Liink as an "ecosystem of bank users focused on harnessing emerging technology such as blockchain to better address the complex cross-border payments industry." The network will have over 400 bank members initially. JP Morgan moves in excess of $6 trillion daily across 100 countries. Chase hopes to save 75% of their costs by settling checks in minutes instead of days. JPMorgan CEO Jamie Dimon famously called bitcoin a “fraud” in 2017 and said he would fire anyone trading it for being “stupid.” But earlier this week, a team of analysts at JPMorgan’s Global Markets Strategy group suggested a “doubling or tripling” in the price of bitcoin was possible if the institutional adoption continued. About a third of the world’s 100 largest banks have already used or tested Ripple (XRP), the fourth largest cryptocurrency, for cross-border payments. JPMorgan's bullish stance is likely driven by PayPal’s recent decision to offer bitcoin to its customers and Square’s recent decision to buy $50 million in bitcoin. Chase also launched a swipe reader this week to compete with Square in contactless payments.