JPMorgan CEO Says Bank Must Build Its Own Blockchain To Counter Crypto Threats
JPMorgan CEO, Jamie Dimon, warned investors in his latest annual letter that the bank must accelerate its efforts in blockchain technology to meet mounting competition from the crypto sector. Dimon told shareholders that a “whole new set of competitors” has emerged around blockchain-based products — including stablecoins, smart contracts, and broader tokenization — and that the bank needs to “roll out our own blockchain technology” to defend its market position. JPMorgan Doubles Down On Crypto The call to action comes as the US regulatory landscape for crypto undergoes notable shifts and....
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JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.”
JPMorgan’s Blockchain Plans
JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday.
The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as....
JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first....
Around 40,000 accounts of a top British bank have reportedly observed suspicious transactions over the past weekend, with money withdrawn from 20,000 accounts over a 24 hour period. Meanwhile, China has adopted new cyber security measures “to counter growing threats such as hacking and terrorism.” Tesco Bank has halted online payments for current account customers, in response to the hackings, and the bank's Chief Executive Benny Higgins told the BBC he was "very hopeful" customers would be refunded the money within 24 hours. There have been complaints about money being withdrawn....
Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse. JPMorgan Sees Little Demand for Crypto as a Payment Tool The global head of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked about client demand for crypto as a payment method in an interview with Bloomberg Television this week. He said: We saw a lot of demand for our clients, let’s say up until six months....
Global investment bank JPMorgan has reportedly green-lighted its advisors to provide clients with access to five cryptocurrency funds. The funds are available to all JPMorgan’s wealth management clients seeking investment advice. The move makes JPMorgan the first large bank to expand crypto trading access beyond just ultra-wealthy clients. JPMorgan Now Offers Access to Crypto Funds JPMorgan has given its financial advisors the green light to give all its clients access to cryptocurrency funds, the Insider reported Thursday, citing people directly familiar with the matter. This move....