JPMorgan Chase CEO Jamie Dimon has weighed in on Facebook’s cryptocurrency Libra.
Dimon, a staunch critic of cryptocurrencies but an advocate of blockchain technology, doesn’t see the social media giant as an existential threat to his company, he told Yahoo Finance.
“We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real-time P2P and The Clearing House, with the banking system built real-time payments,” he said.
The crypto space does, however, provide healthy competition, with Dimon acknowledging that some firms “want to eat our lunch.”
JPM Coin
JP Morgan is set to begin customer trials of its first native JPM Coin cryptocurrency in conjunction with corporate clients.
According to a recent report by Bloomberg Japan, the FI’s Head of Digital Treasury Services and Blockchain, Umar Farooq, has said that customers will soon begin a pilot, with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions.
JPM Coin – which was first revealed in February – will initially run on top of Quorum, a private version of Ethereum developed by the bank.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.