Decentralized Finance, Blockchain Are Actual – Featured Bitcoin Information



JPMorgan Chase CEO Jamie Dimon sees decentralized finance (defi) and blockchain as actual, new applied sciences that may be deployed in each personal and public vogue. He additionally famous that JPMorgan is on the forefront of this innovation.

JPMorgan’s Jamie Dimon Praises Defi and Blockchain

JPMorgan CEO Jamie Dimon acknowledged the benefit of decentralized finance (defi) and blockchain applied sciences in his newest annual letter to shareholders, printed Monday.

Whereas speaking about his firm’s investments in know-how, Dimon mentioned:

Decentralized finance and blockchain are actual, new applied sciences that may be deployed in each private and non-private vogue, permissioned or not.

The CEO elaborated: “JPMorgan Chase is on the forefront of this innovation. We use a blockchain community known as Liink to allow banks to share complicated info, and we additionally use a blockchain to maneuver tokenized U.S. greenback deposits with JPM Coin.”

In keeping with its web site, 39 nations at the moment are lined inside the Liink community. Greater than 25 of the world’s main banks have signed as much as take part and over 400 main establishments have signed letters of intent to affix. The worldwide funding financial institution mentioned that it “established Liink to search out extra environment friendly methods to switch knowledge via customized functions.”

JPMorgan defined that “JPM Coin is a permissioned, shared ledger system that serves as a cost rail and deposit account ledger, enabling collaborating J.P. Morgan purchasers to switch US {Dollars} held on deposit with J.P. Morgan.” The coin “facilitates real-time worth motion, serving to to unravel widespread hurdles of conventional cross-border funds,” its web site particulars.

Commenting additional about blockchain in his letter to shareholders, Dimon wrote:

We consider there are various makes use of the place a blockchain can exchange or enhance contracts, knowledge possession and different enhancements.

Nonetheless, he cautioned that for some functions, “It’s at present too costly or too gradual to be deployed.”

Whereas praising decentralized finance and blockchain applied sciences, Dimon has not warmed as much as cryptocurrency, even after JPMorgan started providing some crypto-related merchandise to purchasers.

Dimon warned in November final yr: “Cryptocurrency has no intrinsic worth … I might be very cautious.” In October, he mentioned bitcoin was nugatory and questioned its restricted provide. In Could, he suggested folks to keep away from cryptocurrency.

Final week, a JPMorgan report acknowledged that there’s restricted upside for crypto markets. Nonetheless, in February, the agency predicted that the long-term value of bitcoin would attain $150,000. Nonetheless, JPMorgan mentioned international regulation is urgently wanted for banks to assist purchasers spend money on crypto.

What do you concentrate on Jamie Dimon’s feedback? Tell us within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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