JPMorgan Invites Banks and Fintechs to Build on Its Revamped Blockchain Network

JPMorgan unveiled a revamped blockchain network that could challenge SWIFT while BlockFi has taken a 5% stake in Grayscale's GBTC.

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....

JPMorgan Chase now recognizes blockchain's profitability and has created a new business dedicated to digital currency and blockchain work. A year-and-a-half after it was first announced, JPM Coin — JPMorgan Chase's in-house stablecoin — is now live and in use by a major transnational tech firm for round-the-clock cross-border payments.According to a report on Oct. 27, this real-world proof that the technology is increasing efficiency and reducing costs has bolstered the megabank's confidence in the technology's promise and profitability. With the expectation that further commercial clients....

A recent report by CR2 on Africa’s fintech transformation suggests traditional financial institutions can still be a part of the fintech financial revolution if they leverage one of their most significant assets: client trust. Partnerships Between Banks and Fintechs The report urges financial institutions that wish to accelerate their advance to success in the fintech space to forge partnerships with fintech startups and technology companies. Having such partnerships, as well as their longstanding client networks and more defined regulatory environment, means financial....

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....