JPMorgan Chase Revealed as Significant User of Blockchain Technology by Jamie Dimon

Jamie Dimon, the CEO of JPMorgan Chase, has acknowledged that the financial institution he helms is among the largest customers of blockchain expertise.

Jamie Dimon, the CEO of JPMorgan Chase, has acknowledged that the financial institution he helms is among the largest customers of blockchain expertise.

Dimon, who has been a vocal critic of crypto up to now, made the admission throughout an interview on the Monetary Markets High quality Convention on Tuesday.

“We’re in all probability one of many larger customers of blockchain, an precise person, like an actual person,” Dimon mentioned, contradicting his earlier stance on the expertise. The CEO described blockchain as “a good way to share knowledge” and a software for establishing belief between banks and their prospects.

JPMorgan Chase has been actively exploring the potential of blockchain expertise for a number of years.

In 2020, the financial institution launched its personal non-public, permissioned blockchain community known as Onyx, which is designed for wholesale funds, peer-to-peer lending and borrowing, and cross-border transactions.

The Onyx community has reportedly processed over $700 billion price of transactions and counts corporations like Goldman Sachs, DBS Financial institution, and BNP Paribas amongst its customers. Dimon, who as soon as dismissed Bitcoin as a “hyped-up fraud,” has now acknowledged the effectivity of blockchain in shifting cash round.

Nonetheless, the banking magnate has not solely softened his stance on crypto. He reiterated his skepticism, referring to Bitcoin as a “pet rock” and stating that the financial institution is unlikely to lend in opposition to crypto.

Dimon additionally famous that whereas shoppers have entry to some crypto providers by the financial institution, he believes in a “free nation” the place folks can do as they please.

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