JP Morgan CEO Jamie Dimon said the banks will be involved in the stubcoin industry, and that the crypto and fintech industries have grown to the point that they cannot be ignored. Dimon says he doesn’t get the appeal of Stable Coin, but he adds that the banks can’t afford to stay on the sidelines either. “We’re going to get it to get involved in both JP Morgan Sediment Coins and Stubcoins and get it,” Dimon said in a revenue call Tuesday.
Jamie Dimon checks JPMorgan’s venture into Crypto, Stablecoins
Last month, JPMorgan Chase submitted its own trademark jpmd stablecoin. Over the past year, the company has begun changing cryptocurrency songs, allowing bank clients access to Bitcoin purchases. CEO Dimon has long been publicly opposed to the Crypto industry, which has resulted in his company being forced to arrive late at the Crypto Party. As JPMorgan is one of the world’s largest banking institutions, engagement in the growing crypto industry through FinTech and Stablecoins is a major step forward.
“You know, these guys are very smart,” Dimon said of his Fintech competitors. “They are trying to find ways to create bank accounts and participate in payment systems and reward programs. We have to recognize that, and the way we recognize is to get involved.” Furthermore, JPMorgan Chase will not be the first major US banking institution to open the door to crypto. In fact, Bank of America CEO Brian Moynihan also said his company would join Stubcoin.
Such a vast service portfolio indicates companies seeking to establish their control in the rising Stablecoin domain. The US government is also actively preparing to debut the Genius Stablecoin Bill, which provides a unified Stablecoin infrastructure for industry to tinker with. JPMorgan’s idea for the launch of JPMD is currently in the final stages of its release, and is consistent with the release of the Genius, which is currently being reviewed at home.
