JPMorgan Supports Blockchain, Remains Cautious About Cryptos

JPMorgan Supports Blockchain, Remains Cautious About Cryptos

Large American international banking and financial services company 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.

Our top trading bots

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.

Life beyond Ethereum: What layer-one blockchains are bringing to DeFi
Issues with Ethereum congestion and high fees have led to many companies adopting layer-one solutions like Optimistic Rollups, OMG Network and many others....
Here's why April may be the best month yet for Bitcoin price
The U.S. dollar is starting to weaken once again as sellers are pushing the U.S. Dollar Index (DXY) downward, which could strengthen the momentum of Bitcoin...
Cathie Wood: BTC investors shouldn’t transact until tax code changed
Cathie Wood, the founder and CEO of Ark Invest, is cautioning investors not to sell or transact their Bitcoin (BTC) until the United States Internal Revenue...
South Korean internet giant Naver reportedly joins Bithumb stake race
Major South Korean internet company Naver has reportedly begun negotiations to acquire a stake in the country’s largest cryptocurrency exchange, Bithumb.Naver...
Time magazine seeks CFO comfortable with Bitcoin and crypto
A new job posting from Time magazine shows the 98-year-old publication is looking for a chief financial officer familiar with blockchain and cryptocurrencies.According...
Supercycle may propel Bitcoin over $1 million, Kraken’s Dan Held says
According to Dan Held, growth lead at Kraken, Bitcoin (BTC) is currently experiencing a supercycle that could propel it all the way to $1 million.In Held’s...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of cryptocurrency....
Chinese Blockchain App Tracked 760,000 Diamonds
A Chinese blockchain application claims to have already tracked 760,000 diamonds. ZhongAn Technology, a branch of the Chinese web-only insurer ZhongAn Insurance...
Goldman Sachs Hires Its First Crypto-Trader
The cryptos are getting a wider recognition on Wall Street as its titan Goldman Sachs enlists a cyber-asset trader to assist its clients in purchasing...
UN World Food Program May Refuse Banking Services
The head of the World Food Program (WFP) Robert Opp said that his department is developing a financial infrastructure for the more efficient use of distributed...
Ukrainians Will Be Able To Travel On A Single Blockchain Ticket
Until the end of the year in Ukraine, there will be a single through ticket for buses, railways, and flights. You can get it through a particular application...
Buterin Donated $2.4 million To Anti-Aging Research
Pineapple Fund - covered by the secret of an anonymous charitable foundation, which, among other things, provided financial support to the Internet Archive...
Millions Of Users Have Already Subscribed To The Robinhood
In less than four days, Robinhood announced that it is going to offer commission-free trading in cryptocurrencies, but since then more than a million...
Japanese Exchanges to Firm Regulation, Face Gov’t Probes After $530 mln Hack
A few days ago it was revealed that 500 million NEM, which is approximately $530 million, had been thieved from the Tokyo-based cyber money trading platform...
Nobel Prize Winner Thaler Says Cryptos Are Likely a Bubble, Soros Assures The Burst Won’t be Huge
It is the time when pundits weigh in the cryptocurrency rage. Recently, the business magnate George Soros emphasized that he considers cyber money as a...