JPMorgan expects the use of the financial blockchain to grow as the crypto industry grows. The global investment bank says: “We want to make sure we are not only able to support this, but are also willing to provide related services.”
JPMorgan Blockchain Projects
JPMorgan Chase & Co plans to further use the blockchain in traditional finance and is preparing to offer related services, Bloomberg reported Thursday.
The global investment bank uses blockchain for collateral settlements, allowing its clients to use a wider-range of assets as collateral and trade outside of market hours. The first of those transactions took place on May 20.
Ben Challice, global head of marketing services at JPMorgan, reportedly said:
What we have achieved is the hassle-free transfer of collateral assets on an immediate basis.
In addition to derivatives trading, repo trading and securities lending, JPMorgan said it plans to expand tokenized collateral to include stocks, fixed-income securities and other types of assets.
Tyrone Lobban, Head of Blockchain Launch at JPMorgan and Onyx Digital Assets, explained that over time, the banking blockchain will become a bridge connecting institutional investors to decentralized financial platforms. (Challenge) crypto crypto -economy.
He continues that as the crypto industry grows:
There is a growing set of financial activities happening on the public blockchain, so we want to make sure we are able to support not only this, but are also willing to provide related services.
In February, JP Morgan opened a “JP Morgan’s Onyx” lounge in the metaverse. The bank estimates Metaverse to be “a trillion-dollar revenue opportunity in advertising, social commerce, digital events, hardware, and developer/creator monetization.”
JPMorgan CEO Jamie Dimon, though skeptical of bitcoin and crypto, is strong on the blockchain. He said in April, “Decentralized finance and blockchain are truly new technologies that can be used publicly and privately, licensed or not.”
This week, strategists at JPMorgan released a bullish report on bitcoin and the cryptocurrency, saying there has been a “significant increase” in the price of BTC. The bank has also replaced real estate with cryptocurrencies as the “preferred alternative asset class”.
What do you think of JPMorgan’s blockchain projects? Let us know in the comments section below.
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