The CEO of an Investment banking company JPMorgan Chase Jamie Dimon discussed the future of the investment sector after the entry of blockchain technology.
JP Morgan Chase is a New York-based multinational investment bank that also provides services related to finance. It is the largest bank in the U.S and has been ranked as the sixth largest bank in the world by the S&P Global, with respect to assets.
Firstly, the CEO acknowledged the existence of the blockchain technology and mentioned about his company’s involvement in the crypto space with its own JPM Coin blockchain. He admitted that the competition in the crypto market is real.
Secondly, Dimon also stated that due to the introduction of cryptocurrency, it had caused some disruption in the banking industry as similar services are being provided by the crypto exchanges which were previously provided by the banks, including the transaction of money, real-time payment, and so on. But he believes that even then this is not an existential threat for traditional banking.
Thirdly, he is not a skeptic about the competitors in the market, instead tries to make his team realize that in any case, the company has to have competitors, whether it is a digital currency competitor or any other FinTech company. He believes that it is useless to make assumptions, and it is better to just admit that these new platforms are there to ‘eat our lunch’.
Lastly, the CEO expressed concerns pertaining to the future of money and stated that there are several issues in which some are government-caused. As, the government is still reluctant to determine whether the crypto industry is subject to regulations, including the bank secrecy act, anti-money laundry, and overall banking regulations. Furthermore, Dimon was sympathetic to the crypto industry’s aspiration to be able to serve their clients and stated that he too wanted to help his clients.