Share this article
JPMorgan Carried Out 'Nerdy' Test of Blockchain Payments in Space, Exec Says
The experiment was to trial payments for the internet of things in a "fully decentralized way," said Umar Farooq.
Updated Sep 14, 2021, 12:16 p.m. Published Feb 24, 2021, 3:39 p.m.
Investment bank JPMorgan Chase has been testing blockchain payments between satellites in earth orbit, executives told Reuters on Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“The idea was to explore [internet of things] payments in a fully decentralized way,” Umar Farooq, CEO of the bank's blockchain arm, Onyx, said. The blockchain team worked with Danish company GOMspace, which rents out the use of its satellites.
The tests ultimately showed that blockchain technology could power payments between everyday objects, according to the bank.
“Nowhere is more decentralized and detached from Earth than space. Secondly, we are nerdy and it was a much more fun way to test IoT,” said Farooq.
The internet of things (IoT) describes a network of physical objects that are embedded with sensors or software and can share data.
Christine Moy, the global head of Liink, Onyx by JPMorgan, tweeted:
JPM: First bank w space-based payments using multiple satellites, enabling machine-to-machine payments, programmable value xfer, perhaps an intergalactic ccy backed by H2O/O. @elonmusk @JeffBezos @richardbranson let’s talk Space Economy w #crypto! https://t.co/gWZLhd2Iys
— moy.eth $JPMLIINK (@cmoyall) February 24, 2021
Read more: India’s Largest Bank Joins JPMorgan’s Blockchain Payments Network
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
