JPMorgan Chase chief executive officer ‘Jamie Dimon’ ‘said‘ that he doesn’t think that cryptocurrency projects pose an existential threat to JPMorgan’s core business.
Within a recent ‘interview‘ with Yahoo Finance on 27th June, Dimon mentioned cryptocurrency project’s potential impact on the prevailing banking system.
“We transfer around $6 trillion every day around the globe. It’s very cheap, very secure, it works. And the industry has already designed Zelle, real time p2p, and TCH, the clearancing house, with the banking system designed real time payments. We already got all that.”
While the chief executive officer expressed that the bank’s core business is probably not going to be threatened by cryptocurrency assets, he expressed that they do offer healthy competition as some corporations “want to eat our lunch.”
In order to stay within the competition, Dimon added that the firm is regularly developing new offerings like free trading, robo finance along with several other services for its customers.
JPMorgan is ‘reportedly‘ expecting to pilot its own cryptocurrency JPM Coin by the end of this yeat. Umar Farooq, head of digital treasury services and ‘blockchain‘ at JPMorgan, expressed that the bank’s ‘stablecoin‘ contains a potential to change “instant” delivery of bonds via employing blockchain technology.
Just earlier today, Golman Sachs’ chief official named ‘David Solomon’ ‘expressed‘ that he believes global payment systems are heading within the direction of ‘stablecoins‘. “Assuming that every leading monetary establishment around the globe are already looking at the vast potential of tokenization, stablecoins and quick payments,” he added.
Solomon additionally suggested that the leading tech giants within the industry along with ‘Facebook‘ would love to avoid the restrictive constraints that banks face, creating it alot more likely that they might try to enter into partnerships than becoming monetary establishments by themselves.