JPMorgan CEO Jamie Dimon to Shareholders: Decentralized Finance, Blockchain Are Real

JPMorgan Chase CEO Jamie Dimon sees decentralized concern (defi) and blockchain arsenic real, caller technologies that tin beryllium deployed successful some backstage and nationalist fashion. He besides noted that JPMorgan is astatine the forefront of this innovation.

JPMorgan’s Jamie Dimon Praises Defi and Blockchain

JPMorgan CEO Jamie Dimon recognized the merit of decentralized concern (defi) and blockchain technologies successful his latest yearly missive to shareholders, published Monday.

While talking astir his company’s investments successful technology, Dimon said:

Decentralized concern and blockchain are real, caller technologies that tin beryllium deployed successful some nationalist and backstage fashion, permissioned oregon not.

The CEO elaborated: “JPMorgan Chase is astatine the forefront of this innovation. We usage a blockchain web called Liink to alteration banks to stock analyzable information, and we besides usage a blockchain to determination tokenized U.S. dollar deposits with JPM Coin.”

According to its website, 39 countries are present covered wrong the Liink network. More than 25 of the world’s starring banks person signed up to enactment and implicit 400 starring institutions person signed letters of intent to join. The planetary concern slope said that it “established Liink to find much businesslike ways to transportation information done customized applications.”

JPMorgan explained that “JPM Coin is simply a permissioned, shared ledger strategy that serves arsenic a outgo obstruction and deposit relationship ledger, enabling participating J.P. Morgan clients to transportation US Dollars held connected deposit with J.P. Morgan.” The coin “facilitates real-time worth movement, helping to lick communal hurdles of accepted cross-border payments,” its website details.

Commenting further astir blockchain successful his missive to shareholders, Dimon wrote:

We judge determination are galore uses wherever a blockchain tin regenerate oregon amended contracts, information ownership and different enhancements.

Nonetheless, helium cautioned that for immoderate purposes, “It is presently excessively costly oregon excessively dilatory to beryllium deployed.”

While praising decentralized concern and blockchain technologies, Dimon has not warmed up to cryptocurrency, adjacent aft JPMorgan began offering immoderate crypto-related products to clients.

Dimon warned successful November past year: “Cryptocurrency has nary intrinsic worth … I would beryllium precise careful.” In October, helium said bitcoin was worthless and questioned its constricted supply. In May, helium advised radical to stay away from cryptocurrency.

Last week, a JPMorgan study stated that determination is limited upside for crypto markets. However, successful February, the steadfast predicted that the semipermanent terms of bitcoin would scope $150,000. Nonetheless, JPMorgan said planetary regularisation is urgently needed for banks to assistance clients put successful crypto.

What bash you deliberation astir Jamie Dimon’s comments? Let america cognize successful the comments conception below.

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