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JPMorgan Chase executives: The stance on Bitcoin is relatively moderate, but we have always supported the blockchain
JPMorgan Chase executives said that JPMorgan Chase has been active in the blockchain field for some time.
Takis Georgakopoulos, head of wholesale payments at the multinational investment bank, said that contrary to public perception, JPMorgan Chase has always supported blockchain.
At this year’s Blockshow, Georgakopoulos stated that JPMorgan Chase has been examining the blockchain and crypto industry through three perspectives: Bitcoin and other non-fiat-based cryptocurrencies, fiat-based digital assets created by institutions and central banks, and districts. Block chain technology.
When asked whether JPMorgan Chase was “softening its position on digital assets,” Georgakopoulos clarified that the bank had only softened its position on Bitcoin because it only had reservations about cryptocurrencies based on illegal currencies. Even so, he still admitted that some cryptocurrency platforms have achieved the necessary “know your customer (KYC)” compliance, which makes it easier for banks to cooperate with exchanges.
Georgakopoulos said that in doing business with them, “we have no problems.”
Regarding blockchain technology, Georgakopoulos said that investment banks have been making “substantial investments” in new applications, especially in the areas of information exchange and secure document management.
In October, JPMorgan Chase officially launched a new blockchain business unit called Onyx, which is said to have more than 100 dedicated employees. JPMorgan Chase also confirmed that its digital currency JPM Coin has been used in commercial business.
JPM Coin was originally conceived in 2019 as a stable currency backed by the U.S. dollar for domestic and international transfers. As Cointelegraph previously reported, this large multinational technology company is already using this stable currency for cross-border payment settlement.
As JPMorgan Chase enters the blockchain and cryptocurrency, major financial institutions and central banks are considering the next cryptocurrency action. Many people believe that the central bank digital currency (CBDC) is the inevitable result of rapid digitization.
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