Wall Street Investment Bank JP Morgan Convinced that decentralized finance (DeFi) and blockchain technology offer significant growth potential, bank chairman and CEO Jamie Dimon wrote in his latest letter to the company’s shareholders.
“Decentralized finance and blockchain are real new technologies that can be deployed in both public and private ways, whether authorized or not,” Dimon added.
JP Morgan is currently processing payments for eight of the world’s top 10 tech companies, up from three out of ten five years ago, the bank’s chairman said.
“We continue to bring innovative products such as embedded banks to market and commercialize them. AI-driven fraud management and predictions. According to the letter, account verification and programmable payments at JP Morgan.” It is about. “We use a blockchain network called Liink to allow banks to share complex information, and we also use blockchain to move tokenized US dollar deposits with JPM coins.”
Bank management said, “There are many uses for blockchain to replace or improve contracts, data ownership, and other extensions. However, for some purposes, we are currently implementing it. The cost is too high or too late. “
Meanwhile, in October last year, executives swung in Bitcoin (BTC), saying his personal view of the best cryptocurrencies was “not worth it.” However, he added that JP Morgan’s clients are “adults” and are ready to provide “cleanest possible access” to the coin.
At the same time, a note released in October 2021 by bank strategist Nikolaos Panigirtzoglou and others states that institutional investors are more likely to see Bitcoin as a better inflation hedge than gold.
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