Jamie Dimon, the CEO of JPMorgan Chase & Co., who has been a vocal critic of cryptocurrencies, said in an interview at the Financial Market Quality Conference on Tuesday that JPMorgan Chase & Co. may be one of the largest users of blockchain technology.
JP Morgan is a big user of blockchain
According to The Block, when asked about innovative technologies such as blockchain and artificial intelligence on Tuesday, Dimon said:
We are probably one of the bigger users of blockchain, a real user.
But he believes that blockchain is just a "database" and a "good way to share information" and build trust between banks and their customers.
JP Morgan’s self-developed Onyx blockchain
JPMorgan Chase has launched its own Onyx blockchain network in 2020, which is a licensed version based on Ethereum. The current user group is still mainly financial institutions, and the services provided include:
Liink: Provides a more secure and efficient network for transferring information between banks
Coin Systems: Stablecoin JPM Coin and its related applications, such as settlement
Onyx Digital Assets: Assists financial industry players to tokenize some assets (RWA) and related services
Blockchain Launch: Assist traditional institutions to build blockchain services
Users include the likes of Goldman Sachs, DBS and BNP Paribas.
Hate Bitcoin, but love enterprise blockchain
Although JPMorgan Chase is an Authorized Participants of the Bitcoin spot ETF, CEO Jamie Dimon has been relentless in his criticism of cryptocurrencies, including the statement that cryptocurrencies are mainly used for illegal purposes such as money laundering and sex trafficking. He also said that he "doesn't know what Bitcoin is for and will never buy it."
However, according to previous reports, at the end of 2023, Onyx, the blockchain unit of JPMorgan Chase, had 300 employees, three times the number three years ago.
Tyrone Lobban, head of blockchain at JPMorgan Chase, has previously stated that customers are focused on the tokenization of traditional finance, not cryptocurrencies.
It can be seen that JPMorgan Chase’s corporate culture values blockchain technology but does not touch cryptocurrency.
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