CEO Of JPMorgan Says, The Company Will Use Blockchain Tech For ‘A Whole Lot Of Things’
August 6, 2018 11:46 am
JPMorgan Chase’s Mr. Jamie Dimon was bullish on blockchain tech but shied away from talking on digital currency, stating fiat payment apps are “the biggest potential disruption to our business” in an interview published in the July-August issue of the Harvard Business Review.
When questioned about his company’s chief competitive threat, Mr. Jamie Dimon, Chairman and CEO of JPMorgan Chase the biggest of American’s Big Four banks singled out what he called “new forms of payment.” Particularly naming Paypal, Alipay, Venmo, Jamie Dimon stated that “these companies are doing a great job of embedding primary banking services in their chats, their social, their shopping experience.”
When he didn’t name crypto as a potential disruptor when he was asked about his view on the digital currency in the following question, Jamie Dimon replied, “I probably shouldn’t say any more about digital currency.” Jamie Dimon did contend that cryptocurrency is “not the same as gold or fiat currencies,” which are “backed by law, police, courts are not replicable, and there are strictures on them.” Jamie Dimon further made a point of calling blockchain “real,” which implying that cryptocurrency is not saying that JPMorgan is “testing it blockchain and will use it for a whole lot of things.”
While JPMorgan’s official stand on digital currency and Dimon’s view do not always coincide, both have noticed a shift over the past year. On 13th September 2017, Jamie Dimon reportedly called Bitcoin a “fraud” at an investor’s meeting, along with threating to fire any employee trading Bitcoin on the organization’s accounts.
Somewhat contrary to what Jamie Dimon in his recent interview told Harvard Business Review, in an SEC filing 27th February, the bank marked digital currency under the report’s “Competition” subsection, stating it could “put downward pressure on costs and fees for JPMorgan Chase’s products and services or might cause JPMorgan Chase to lose market share.”
In February, a JPMorgan internal report further called digital currencies the “face of the innovative maelstrom around the blockchain technology.”
When speaking in an interview, Jamie Dimon took a position more similar to what he told Harvard Business review, stating he “can’t answer,” but further asserting he was “not a skeptic.”
In past few months, although, JPMorgan and Jamie Dimon have more explicitly come out as bullish on blockchain technology, with the bank even filing a blockchain-related patent on 3th May.
On 17th May, JPMorgan declared that they had created and filled a new post of head of crypto assets strategy.