JPMorgan Chase CEO Jamie Dimon said in an interview at the Financial Markets Quality Conference on Tuesday that JPMorgan Chase may be one of the largest users of blockchain technology.
"We're probably one of the biggest users of blockchain, actual users, like a real user." Dimon said when asked about innovative technologies such as blockchain and artificial intelligence: "It's just a database. .
However, Dimon, a long-time skeptic of cryptocurrencies, has not changed his view on an industry he calls "worthless." In fact, the 68-year-old banker once again used his favorite joke: "Cryptocurrency...I call it a Pet Rock." (Note: Dimon once compared Bitcoin to a Pet Rock)
Still, Dimon seemed to have a grudging respect for the underlying technology of cryptocurrencies, noting that blockchain is a "great way to share data" and build trust between banks and their customers.
JPMorgan Chase created its private permissioned network Onyx based on the Ethereum fork in 2020. The system is designed for wholesale payment transactions, peer-to-peer lending, and cross-border payments. The Onyx network has processed more than $700 billion in transactions and is used by companies including Goldman Sachs, DBS and BNP Paribas.
Dimon also said on Tuesday: "We have been talking about blockchain for 12 years and not much has happened - it is not like AI." In addition, although Dimon said that JPMorgan Chase is unlikely to lend against cryptocurrencies, But he is fairly certain customers will be able to access some cryptocurrency services through the bank.
"If you want to do it... this is a free country. I believe in a free country, you can do whatever you want to do," Dimon said.
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