- Rising blockchain menace
- Blockchain, not Bitcoin
JPMorgan Chase CEO Jamie Dimon has warned that blockchain expertise and digital belongings are direct rivals threatening the standard banking mannequin.
In his shareholder letter, Dimon claims that blockchain infrastructure, stablecoins, and tokenization are core aggressive priorities that JPMorgan should aggressively tackle so as to have the ability to keep its dominance.
Rising blockchain menace
Dimon has grouped blockchain-based methods alongside main fintech rivals like Stripe, Block, and Revolut.
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These new gamers are well-funded and extremely formidable, in response to the JPMorgan boss.
“An entire new set of rivals is rising based mostly on blockchain, which incorporates stablecoins, good contracts, and different types of tokenization,” Dimon warned within the letter.
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Dimon made it clear that the financial institution can’t afford to take a seat on the sidelines to stay aggressive.
He has pressured that JPMorgan should “roll out its personal blockchain expertise and regularly give attention to what our clients need in a really detailed means” to make sure sooner product improvement and seamless execution.
Blockchain, not Bitcoin
Throughout a convention in Washington, D.C. earlier this yr, Dimon heaped reward on blockchain expertise for being extremely environment friendly and able to changing clumsy legacy methods.
JPMorgan backs this up with billions of {dollars} in day by day transaction quantity by Kinexys (the financial institution’s rebranded proprietary blockchain platform).
On the similar time, Dimon stays deeply hostile towards public cryptocurrencies like Bitcoin.
In 2017, Dimon famously referred to as Bitcoin a “fraud” and vowed to fireplace any JPMorgan dealer caught buying and selling it for being “silly.” He has not warmed as much as the asset class. Final yr, he argued that the US shouldn’t stockpile Bitcoin (BTC).