JPMorgan CEO Cautious on Blockchain Tech Despite New Partnership

JPMorgan CEO Jamie Dimon issued new remarks on bitcoin and the blockchain as part of today's Barclays Global Financial Services Conference.

AccessTimeIconSep 18, 2015 at 9:58 p.m. UTC
Updated Sep 11, 2021 at 11:52 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

JPMorgan CEO Jamie Dimon issued new remarks on bitcoin and the blockchain as part of the Barclays Global Financial Services Conference in New York today.

During a 40-minute question-and-answer session, the noted bitcoin skeptic suggested that JPMorgan is optimistic about the potential use cases for bitcoin's underlying distributed ledger, the blockchain, and other distributed ledgers.

According to a report by American Banker, the CEO further spoke to the growing interest among major banks in blockchain technology and its applications, stating:

"We have a study group on this whole thing. I think most of the banks do at this point."

However, he cautioned that it's still unclear whether blockchain-based solutions will be more efficient and secure than post-trade financial services products such as those offered by companies like Depository Trust & Clearing Corp.

The statements followed the news that the global financial giant had partnered with distributed ledger startup R3CEV alongside companies including BBVA, Credit Suisse, Goldman Sachs and UBS.

As part of the deal, announced Tuesday, R3CEV will work with JPMorgan and its eight partner banks on unspecific proofs-of-concept relating to use cases for blockchain technology.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.