JPMorgan Chase CEO: Crypto projects do not threaten the banking system, but create competition
James Dimon, CEO of the American financial holding JPMorgan Chase, does not see cryptocurrencies and related projects as threats to the viability of their core business. He stated this in a conversation with Yahoo! Finance June 27.
“We move $ 6 trillion a day around the world. Very cheap, safe, and it works. The banking system has already established the Zelle peer-to-peer payment network and the TCH clearing house. Thanks to this, the banking system is able to make payments in real time. We already have all of this, ”he explained, adding that banking solutions are distinguished by their compliance with anti-money laundering and customer identification requirements..
At the same time, Daimon admitted that cryptocurrency companies create healthy competition in the payment services market, and some of them “want to take our bread.” According to the CEO of JPMorgan Chase, to maintain its competitiveness, his organization is constantly developing new products, such as commission-free trading, robo-investments, etc..
Despite Daimon’s skepticism about crypto assets, at the beginning of the year, JPMorgan confirmed information about the development of its own digital currency for corporate settlements JPM Coin.
Also this week it became known that the investment bank Goldman Sachs could take a similar step..
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