JPMorgan Chase CEO Jamie Dimon sees decentralized finance (defi) and blockchain as actual, new applied sciences that may be deployed in each personal and public vogue. He additionally famous that JPMorgan is on the forefront of this innovation.
JPMorgan’s Jamie Dimon Praises Defi and Blockchain
JPMorgan CEO Jamie Dimon acknowledged the advantage of decentralized finance (defi) and blockchain applied sciences in his newest annual letter to shareholders, printed Monday.
Whereas speaking about his firm’s investments in expertise, Dimon stated:
Decentralized finance and blockchain are actual, new applied sciences that may be deployed in each private and non-private vogue, permissioned or not.
The CEO elaborated: “JPMorgan Chase is on the forefront of this innovation. We use a blockchain community known as Liink to allow banks to share complicated info, and we additionally use a blockchain to maneuver tokenized U.S. greenback deposits with JPM Coin.”
In response to its web site, 39 international locations are actually coated inside the Liink community. Greater than 25 of the world’s main banks have signed as much as take part and over 400 main establishments have signed letters of intent to affix. The worldwide funding financial institution stated that it “established Liink to seek out extra environment friendly methods to switch information by means of customized purposes.”
JPMorgan defined that “JPM Coin is a permissioned, shared ledger system that serves as a cost rail and deposit account ledger, enabling taking part J.P. Morgan purchasers to switch US {Dollars} held on deposit with J.P. Morgan.” The coin “facilitates real-time worth motion, serving to to unravel widespread hurdles of conventional cross-border funds,” its web site particulars.
Commenting additional about blockchain in his letter to shareholders, Dimon wrote:
We imagine there are a lot of makes use of the place a blockchain can exchange or enhance contracts, information possession and different enhancements.
Nonetheless, he cautioned that for some functions, “It’s presently too costly or too gradual to be deployed.”
Whereas praising decentralized finance and blockchain applied sciences, Dimon has not warmed as much as cryptocurrency, even after JPMorgan started providing some crypto-related merchandise to purchasers.
Dimon warned in November final 12 months: “Cryptocurrency has no intrinsic worth … I might be very cautious.” In October, he stated bitcoin was nugatory and questioned its restricted provide. In Might, he suggested individuals to avoid cryptocurrency.
Final week, a JPMorgan report said that there’s restricted upside for crypto markets. Nonetheless, in February, the agency predicted that the long-term worth of bitcoin would attain $150,000. Nonetheless, JPMorgan stated world regulation is urgently wanted for banks to assist purchasers put money into crypto.
What do you consider Jamie Dimon’s feedback? Tell us within the feedback part beneath.
Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any harm or loss precipitated or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about on this article.
Source: Bitcoin News
