JPMorgan CEO: Blockchain and Defi are Real

JPMorgan, a Wall Street investment bank, believes that decentralized Finance (DeFi) and blockchain technology bring significant growth potential and is determined to continue to “stand at the forefront of this innovation”, Jamie Dimon, chairman and CEO of the bank, wrote in his latest letter to the company’s shareholders.

Dimon added:” decentralized finance and blockchain are real new technologies that can be deployed in public and private ways, whether licensed or not.”

JPMorgan is currently processing payments for eight of the world’s top 10 technology companies, marking an increase from three of the 10 companies five years ago, the bank’s chairman said.
“We continue to launch and commercialize innovative products to the market, such as embedded banking; artificial intelligence driven fraud control and prediction; and account verification and programmable payment on Morgan coin,” according to the letter. “We use a blockchain network called liink to enable banks to share complex information. We also use blockchain to move token dollar deposits with JPM coin.”

Dimon said that the bank’s management also believes that “there are many uses for blockchain to replace or improve contracts, data ownership and other enhancements; but for some uses, it is too expensive or too slow to deploy at present.”

At the same time, in October last year, the executive bitcoin (BTC) attacked, saying that his personal view of this top cryptocurrency was “worthless”. However, he did add that JPMorgan’s clients were “adults” and he was prepared to give them “as clean as possible” access to the currency.

Meanwhile, Nikolaos panigirtzoglou, the bank’s strategist, and others issued a note in October 2021 that institutional investors may increasingly see bitcoin as a better inflation hedging tool than gold.