Opposite to public notion, JPMorgan Chase has all the time been pro-blockchain, says the multinational funding financial institution’s head of wholesale funds, Takis Georgakopoulos.
In a reside dialogue with Nasdaq reporter Jill Malandrino at this yr’s Blockshow in Singapore, Georgakopoulos mentioned JPMorgan has all the time considered the blockchain and crypto trade by way of three lenses: Bitcoin (BTC) and different non-fiat-based cryptocurrencies; fiat-based digital property created by establishments and central banks; and blockchain expertise.
When questioned about whether or not JPMorgan is “softening its stance” on digital property, Georgakopoulos clarified the financial institution had solely softened its stance on Bitcoin, because it had solely ever had reservations about non-fiat primarily based cryptocurrencies. Even then, he acknowledged that a number of cryptocurrency onramps have carried out vital Know Your Buyer compliance, which has made it simpler for the financial institution to work with exchanges.
“Now we have no drawback” doing enterprise with them, Georgakopoulos mentioned.
Concerning blockchain expertise, the funding financial institution has been “investing rather a lot” into new purposes Georgakopoulos mentioned, particularly within the fields of knowledge trade and safe doc administration.
In October, JPMorgan formally launched a brand new blockchain enterprise unit referred to as Onyx, which is alleged to accommodate over 100 devoted staff. The financial institution additionally confirmed that its digital forex, dubbed JPM Con, is getting used for business enterprise.
JPM Coin was first conceived in 2019 as a dollar-backed stablecoin for inside and worldwide transfers. As Cointelegraph beforehand reported, the stablecoin is already being utilized by a serious transnational expertise firm to settle cross-border funds.
JPMorgan’s foray into blockchain and cryptocurrency comes at a time when main monetary establishments and central banks are contemplating their subsequent crypto performs. Many imagine that central-bank digital currencies, or CBDCs, are an inevitable consequence of fast digitization.