JPMorgan Begins Blockchain Trials
Banking giant JPMorgan Chase has begun the trial of a blockchain project that may prove to be a landmark endeavor in bringing cost-cutting and easier trading to the banking industry. The blockchain project is facilitated by the bank’s collaboration with blockchain-startup Digital Asset Holdings (DAH). The largest bank in the United States by assets – JPMorgan Chase has begun a trial project that utilizes blockchain technology, in collaboration with New York-based blockchain startup Digital Asset. The two companies are looking to introduce distributed ledger or blockchain technology to the....
Related News
Global investment bank JPMorgan has reportedly green-lighted its advisors to provide clients with access to five cryptocurrency funds. The funds are available to all JPMorgan’s wealth management clients seeking investment advice. The move makes JPMorgan the first large bank to expand crypto trading access beyond just ultra-wealthy clients. JPMorgan Now Offers Access to Crypto Funds JPMorgan has given its financial advisors the green light to give all its clients access to cryptocurrency funds, the Insider reported Thursday, citing people directly familiar with the matter. This move....
JPMorgan has lost two of its senior leaders on its blockchain project, Juno, as they embark on starting up their own blockchain startup, a report by Quartz revealed. Will Martino, the lead developer and Stuart Popejoy, the head of Juno started Kadena.io in June; however, the two departures signify the difficult task that financial institutions have at retaining tech talent as they embrace the blockchain technology. By utilizing the Juno project, Martino and Popejoy are hoping with their own blockchain startup to highlight the risk that companies will be taking by following the open source....
In spite of massive investment in financial technology, JPMorgan Chase still has a long way to go to meet its blockchain objectives. Abhijit Gupta, multinational bank’s head of science and technology in the Asia Pacific, told Chinese news service Sina that he was concerned about the improvements in the technology, “especially speed,” according to a translation of the article. Gupta added: "Over the past year and a half, the processing time of our system [improved by] 10 times, but in fact we need to achieve is 1,000 times. " The details come months after the bank first began....
JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.”
JPMorgan’s Blockchain Plans
JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday.
The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as....
JPMorgan CEO Jamie Dimon has been vocal about his concerns regarding bitcoin and blockchain technology, emphasizing his points in a recent testimony. JPMorgan is currently working with other large investment banks such as UBS and Credit Suisse to create a more stable blockchain framework that can be used in the financial industry. In his 40-minute Q&A session at the Barclays Global Financial Services Conference in New York, Dimon dismissed reports claiming that the bank is seeking to exit its custody and cash management operations while blockchain technology is being explored. JPMorgan and....