We look forward to Jamie Dimon renaming his bank ‘Blockchain Morgan’.
It has been nearly 18 months since JP Morgan CEO Jamie Dimon denounced bitcoin as a “scam” (while failing to disclose that JPM Securities was one of the largest buyers of a bitcoin-linked ETP traded in Scandinavia), and in that time JPM has surpassed Goldman Sachs, Citigroup and all other American investment banks to become the market leader in blockchain adoption.
Earlier this year, JPM introduced ‘JPM Coin’ a stable coin that the bank intends to use to facilitate the settlement of trades and transactions for its large corporate clients.
Now, the bank is taking a leading role in building out the Interbank Information Network, a heretofore little-known blockchain project that some 75 banks joined last year. From what we can tell, the project aims to be like a blockchain-based, decentralized alternative to SWIFT (which could rankle some at the Treasury).
Ultimately, JPM hopes the technology will allow it to cut down on the failure rate of international transactions, as well as allow it to streamline compliance (without, you know, dismissing the compliance staffers to Siberia). By building out INN, JPM hopes its international payments business for corporate clients will be better equipped to fend off the mounting challenges from TransferWise and Ripple.
Source/More: JPM Is Going All-In On Blockchain | Zero Hedge