JPMorgan CEO recognizes the value of blockchain and DeFi

Jamie Dimon wrote about this in a letter to the company’s shareholders

06.04.2022 - 10:10

450

1 min

What’s new? Jamie Dimon, CEO of JPMorgan Chase & Co, a US financial conglomerate, believes that blockchain and decentralized finance (DeFi) can improve various aspects of banking. He made such a statement in a letter to the bank’s shareholders.

The full version of the letter to JPMorgan’s shareholders

What theses did Dimon give? There are now many areas where blockchain can replace or improve contract execution and data ownership, but for some purposes, it is often too expensive and slow to use. Despite this, decentralized finance and blockchain “are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”

The CEO of JPMorgan also noted that the company is at the forefront of these innovations. The holding company uses a blockchain called Link to exchange information between banks and its own asset JPM Coin to move tokenized US dollar deposits.

JPMorgan Chase & Co is one of the largest US financial holdings. Its core businesses include investments, commercial banking, asset management, and transaction execution.

Author: