JP MORGAN EXAMINE BLOCKCHAIN SILENTLY
- The US largest bank is silently examining technology, that based the crypto currency bitcoin on USD transfers over Japan and United Kingdom.
- According to the Head of JP Morgan Corporate and Investment Bank (Daniel Pinto) The bank has been measuring the program in months to transfer USD for customers amid the two financial headquarters using bitcoin based blockchain technology. The bank wants to observe if the blockchain technology can be reuse for currency clearing and arrangement to grant customers quicker reversal times and minimize the bank peril.
- JP Morgan Chase and other large banks are handling threats from payment system and online lenders, along with some blockchain and bitcoin users. Technology represents limited situations where the bank is raising contribution. JP Morgan shares fall from 15% to 11% drop in the KBW Nasdaq Bank Index.
- The CEO of JP Morgan Chase (Jamie Dimon) has been very articulate on technology. He mentioned in his journal that “Silicon Valley is coming” brains and money functioning on numerous alternatives in traditional banking.”
- He mentioned at the conference that bitcoin don’t have enough of a future the blockchain technology that backing it have a potential in capturing ownership of some securities and lessen the time that takes to transfer loans.
- According to Sanoke Viswanathan (Chief Administrative Officer at JP Morgan) JP Morgan wants to broaden its blockchain plan analyzing exchange shortly as the third quarter corporate and investment bank customers along with hedge funds. Corporate and Investment Bank requires supervisory authorization that could take months.
The Bank is engaging in various production company focusing on expanding blockchain approaching to raise adaptability in trading and lending.