Crypto skeptic and JPMorgan CEO Jamie Dimon says there is validity and utility behind blockchain technology and decentralized finance (DeFi).
In a new letter to shareholders, Dimon says JPMorgan is at the forefront of innovative blockchain technology.
“We now process payments for eight of the top 10 global Big Tech companies (up from three out of 10 companies five years ago), consistently winning business from strong competitors. We continue to bring to the market and commercialize innovative products, such as embedded banking; AI-driven fraud controls and forecasting; and account validation and programmable payments on JPM Coin.
Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not. JPMorgan Chase is at the forefront of this innovation.”
JPMorgan employs a platform called Liink, which is a blockchain developed by Onyx, an arm of the banking giant. According to Onyx, Liink is focused on providing seamless data-sharing abilities between institutions.
Dimon believes Liink and technologies like it have the power to enhance and improve contracts.
“We use a blockchain network called Liink to enable banks to share complex information, and we also use a blockchain to move tokenized US dollar deposits with JPM Coin.
We believe there are many uses where a blockchain can replace or improve contracts, data ownership and other enhancements; for some purposes, however, it is currently too expensive or too slow to be deployed.”
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