JPMorgan CEO Jamie Dimon despises cryptocurrency, but the number of employees in its blockchain division continues to grow

JPMorgan Chase CEO Jamie Dimon criticized cryptocurrency just last week, stating that "if he were a government, he would ban cryptocurrency." However, its blockchain division, Onyx, has grown to 300 employees, which is three times the size it was three years ago.

Jamie Dimon Criticizes Cryptocurrency Repeatedly

Despite JPMorgan Chase's continued development of blockchain technology applications, CEO Jamie Dimon has maintained a strong aversion to cryptocurrencies over the years. Dimon once again criticized cryptocurrencies at a U.S. Senate hearing last week, pointing out that the crypto industry allows for instant fund transfers and operates outside the regulatory frameworks that banks are subject to, including sanctions and anti-money laundering measures, arguing that the primary use of digital assets is for criminal activities.

He stated:

I have always been strongly against cryptocurrencies like Bitcoin. If I were the government, I would shut it down.

JPMorgan's Blockchain Division Onyx Triples Headcount

However, according to DLNews, JPMorgan's blockchain division, Onyx, now has 300 employees, compared to around 100 three years ago.

Onyx is JPMorgan's platform for crypto asset services, offering a range of services that leverage blockchain to optimize existing financial systems, such as using the stablecoin JPM Coin for transfers and settlements, tokenizing assets RWA, and its newly launched tokenization service that enables more complex automated payment mechanisms.

JPM Coin, the digital token, already processes transactions worth up to $1 billion daily. This token not only facilitates transactions in U.S. dollars but also allows customers to make payments in euros on its private blockchain network.

Dislike for Bitcoin, Yet Fondness for Enterprise Blockchain

Cryptocurrency and macroeconomics expert Noelle Acheson stated:

Jamie Dimon dislikes Bitcoin, but he likes enterprise blockchain and is even interested in DeFi.

This billionaire referred to Bitcoin as a terrible store of value in 2014 and stated in 2017 that he would immediately fire any JPMorgan trader caught trading Bitcoin.

Since taking over as CEO of JPMorgan in 2006, Dimon successfully led the company through the subprime mortgage crisis, and JPMorgan's assets now total $3.2 trillion, with global operations.

Acheson mentioned:

For many who think in a certain way and manage the financial system, it is difficult to understand that Bitcoin is both an asset and a technology.

JPMorgan's former blockchain lead, Tyrone Lobban, has also stated: Customers are interested in tokenizing traditional finance, not cryptocurrencies.

It is evident that JPMorgan values blockchain technology in its corporate culture but steers clear of cryptocurrencies.