JPMorgan Supports Blockchain, Remains Cautious About Cryptos

post image

Large American international banking and financial services company JPMorgan Chase is getting more interested in the blockchain. One of the leaders at the company, Umar Farooq, the past week took the floor at Yahoo Finance All Markets Summit concerning cyber money, which took place in New York, to unveil how JPMorgan utilizes this tech trend.

Supporting Blockchain, Being Cautious with Bitcoin

According to CCN Farooq explained that JPMorgan is trying blockchain out to solve bank’s internal problems. Therefore, company’s position on the tech trend is very supportive. However, JPMorgan would not hurry with embracing cryptos.

“We all believe in blockchain good. I wouldn’t go as far to say cryptocurrencies bad. I would say, and cryptocurrencies have issues,” said Farooq, who is the Head of Blockchain Initiatives at JP Morgan.

Also, Farooq said that according to his observations, most bankers are supportive when it comes to blockchain and they see opportunities in it. At the same time, he believes that BTC has not reached its full potential yet:

“I wouldn’t say crypto is bad, but I think crypto needs some evolution.”

Reflecting on Jamie Dimon’s Position

On top of everything, Farooq also referred to previous JPMorgan CEO Jamie Dimon’s remarks concerning bitcoin. Last year autumn he called this coin a “fraud,” but later, in the mid-January Dimon admitted being wrong and claimed that “the blockchain is real.”

Farooq defended the position of his chief, saying that his remarks were up-to-date. Moreover, he added that Dimon has always been deliberately distinguishing the phenomenon of blockchain from the scene of BTC.

At the same time, Farooq said the bank has no intentions to launch bitcoin-based futures or their analogs in the foreseeable future as this matter is being studied right now. First of all, he emphasized the bank should work on the issues of anti-money laundering and know-your-customer policies. Once the institution is done with this, it might go on to considering the implementation of BTC-products for retail investors.

Another Reckless Prediction: Startup Exec Says $60,000-Worth Bitcoin Is Real
Thanks to the continuous developments in the field of regulation as well as infrastructure, the most valuable cyber-coins might continue surging. Such an...
South African Police Pursue An Alleged Crypto Fraud With 28,000 Investors
A subdivision of South African police says it has started an investigation concerning an alleged investment scam, in which more than 28,000 people have...
BTC Market Cap May Plummet to $77 billion in 10 Months, Say Swiss Researchers
The total market cap of BTC has all the chances to drop from over $118 billion to no more than $77 billion by the end of 2018, the new research says....
Google to Ban Crypto Ads in A Few Months
The tech titan Google is taking a hardline stance on advertisements which promote cryptos and its brethren. The restrictions are to take place already in...
Robinhood Officially Launched Token Sale
Robinhood officially launched the trade in cryptocurrencies through its mobile application in five US states. If the success of the undertaking meets the...
Telegram Pre-ICO Attracted $850 million
Pavel Durov, the creator of the Telegram messenger, reported on the progress of the ICO, which was announced earlier. As it turned out, investors invested...
The Demand For Blockchain Developers Rose In 35 Times
American site Upwork, specializing in the search for freelancers, said that for a year the demand for employees associated with the blockchain industry...
North Korean Hackers Attacked South Korean Exchanges, Using WannaCry-like Malware
South Korea has got one more reason to curb on virtual currencies and regulate the market much strictly. Reportedly, the North Korean hackers, which work...
Lerner's Freedom Cost Twice As Much
The kidnappers took from him two mobile phones, a computer and demanded a ransom in the bitcoins'.Pavel Lerner, head of EXMO crypto-exchange, was kidnapped...
The US Struck By Bitcoin Real Estate Fever: Risks And Benefits
Bitcoin is becoming a bandwagon in the US, especially when it comes to the properties market. Notably in Florida people are eager to purchase or sell real...
Ukraine to Legalize Bitcoin, Consider The Emission of National Cryptocurrency
Another Eastern-European country – Ukraine – is taking over regulation of digital money. Not long ago, Ukraine’s neighbor to north Belarus legalized bitcoin...
The Market Capitalization of the Cryptocurrency Exceeded $700 Billion
The new year began with the activation of the upward movement of most of the most liquid cryptos. As of January 4, the total market capitalization of digital...
Facebook Messenger Users Targeted by Cryptocurrency Viral Miner
Experts from the Trend Micro Company recorded a new activity during which malicious actors have been distributing the Monero cryptocurrency miner called...
Bitcoin vs. Altcoins: Why to Consider Various Options for Investment
It is somewhat difficult to imagine how a middle-class person can purchase one bitcoin, at a price of around $15,000, at a time. No wonder that lots of...
Russian Presidential Candidate Titov to Legalize Bitcoin if Elected
As Russia has kicked off the presidential campaign trail on December 18, it is interesting to look at some candidate’s promises. Notably, business ombudsman...