JPMorgan CEO Dimon: DeFi and Blockchain Are Real for Future

JPMorgan Chase CEO Jamie Dimon sees decentralized finance (defi)

and blockchain as real, new technologies that can be deployed in both private and public fashion. He also noted that JPMorgan is at the forefront of this innovation.

 In his latest annual letter to shareholders, published Monday. While talking about his company’s investments in technology, Dimon said: Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permission or not.

The CEO elaborated: “JPMorgan Chase is at the forefront of this innovation. We use a blockchain network called Link to enable banks to share complex information, and we also use a blockchain to movetokenized U.S. dollar deposits with JPM Coin.”

According to its website, 39 countries are now covered within the Link network. More than 25 of the world’s leading banks have signed up to participate and over 400 leading institutions have signed letters of intent to join. The global investment bank said that it “established Link to find more efficient ways to transfer data through custom applications.”

JPMorgan explained that “JPM Coin is a permission, shared ledger system that serves as a payment rail and deposit account ledger, enabling participating J.P. Morgan clients to transfer US Dollars held on deposit with J.P. Morgan.” The coin “facilitates real-time value movement, helping to solve common hurdles of traditional cross-border payments,” its website details.

While praising decentralized finance and blockchain technologies, Dimon has not warmed up to cryptocurrency, even after JPMorganbegan offering some crypto-related products to clients.

Last week, a JPMorgan report stated that there is limited upside for crypto markets. However, in February, the firm predicted that the long-term price of bitcoin would reach $150,000.Nonetheless, JPMorgan said global regulation is urgently needed for banks to help clients invest in crypto.