Published: 05.04.2022
Article reading time:
2 minutes.
The CEO of investment bank JPMorgan said that DeFi and blockchain will play a critical role in the future of finance.
Jamie Dimon, in a letter to shareholders, stated that decentralized finance (DeFi) and blockchain are truly new technologies that can be used both publicly and privately, regardless of whether it is allowed or not by the authorities. The businessman did not fail to emphasize that JPMorgan is at the forefront of innovation:
“We use a blockchain network called Link to allow banks to exchange complex information and also to move tokenized USD deposits using JPM Coin.”
Dimon says the company is confident that there are many ways blockchain can be used in the financial and banking system, both to replace traditional contracts and to prove ownership of data. However, for now, the head of JPMorgan complains, blockchain is still quite expensive or too slow to deploy for some purposes.
It is noteworthy that earlier the head of JPMorgan did not show interest in the crypto industry. In November 2020, at an event hosted by the New York Times, Jamie Dimon stated that he was not interested in bitcoin, but mentioned that blockchain would play an important role in the future of finance. In May 2021, the investment banker reiterated his point, stating that he was still not interested in the main cryptocurrency: “Personally, I think that bitcoin is useless.”
Recall that earlier JPMorgan analyst Nikolaos Panigirtzoglou warned investors about the imminent slowdown in the growth of the cryptocurrency market. In addition, according to him, the share of stablecoins in the market has recently decreased from 10% to 7%.
Source: Bits
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