THELOGICALINDIAN - JPMorgan Chase CEO Jamie Dimon sees decentralized accounts defi and blockchain as absolute new technologies that can be deployed in both clandestine and accessible appearance He additionally acclaimed that JPMorgan is at the beginning of this innovation
JPMorgan’s Jamie Dimon Praises Defi and Blockchain
JPMorgan CEO Jamie Dimon accustomed the arete of decentralized accounts (defi) and blockchain technologies in his latest anniversary letter to shareholders, appear Monday.
While talking about his company’s investments in technology, Dimon said:
The CEO elaborated: “JPMorgan Chase is at the beginning of this innovation. We use a blockchain arrangement alleged Liink to accredit banks to allotment circuitous information, and we additionally use a blockchain to move tokenized U.S. dollar deposits with JPM Coin.”
According to its website, 39 countries are now covered aural the Liink network. Added than 25 of the world’s arch banks accept active up to participate and over 400 arch institutions accept active belletrist of absorbed to join. The all-around advance coffer said that it “established Liink to acquisition added able means to alteration abstracts through custom applications.”
JPMorgan explained that “JPM Bread is a permissioned, aggregate balance arrangement that serves as a acquittal abuse and drop annual ledger, enabling accommodating J.P. Morgan audience to alteration US Dollars captivated on drop with J.P. Morgan.” The bread “facilitates real-time amount movement, allowance to break accepted hurdles of acceptable cross-border payments,” its website details.
Commenting added about blockchain in his letter to shareholders, Dimon wrote:
Nonetheless, he cautioned that for some purposes, “It is currently too big-ticket or too apathetic to be deployed.”
While praising decentralized accounts and blockchain technologies, Dimon has not broiled up to cryptocurrency, alike afterwards JPMorgan began offering some crypto-related products to clients.
Dimon warned in November aftermost year: “Cryptocurrency has no built-in amount … I would be actual careful.” In October, he said bitcoin was worthless and questioned its bound supply. In May, he brash bodies to stay away from cryptocurrency.
Last week, a JPMorgan address declared that there is limited upside for crypto markets. However, in February, the close predicted that the abiding amount of bitcoin would ability $150,000. Nonetheless, JPMorgan said all-around adjustment is urgently needed for banks to advice audience advance in crypto.
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