Jamie Dimon: JPMorgan is a major user of blockchain

Jamie Dimon, CEO of JPMorgan Chase, who has been known for his criticism of cryptocurrency, stated during an interview at the Financial Markets Quality Conference on Tuesday that JPMorgan Chase could potentially be one of the largest users of blockchain technology.

JPMorgan Chase is a Major User of Blockchain

According to a report from The Block, when asked about innovative technologies such as blockchain and artificial intelligence on Tuesday, Dimon stated:

"We probably are one of the larger users of blockchain in the world. We are a real user."

However, he views blockchain as merely a “database”, a “good way of sharing data” that can help establish trust between banks and their clients.

JPMorgan Chase's In-House Developed Onyx Blockchain

Since 2020, JPMorgan Chase has launched its own Onyx blockchain network, which is a permissioned version based on Ethereum. The user base currently consists mainly of financial institutions, offering services such as:

• Liink: A network that provides banks with a more secure and efficient way to exchange information
• Coin Systems: Stablecoin JPM Coin and its related applications, such as settlements
• Onyx Digital Assets: Assisting financial institutions in tokenizing some assets RWA and related services
• Blockchain Launch: Helping traditional institutions build blockchain services

Users include companies like Goldman Sachs, DBS Bank, and BNP Paribas.

Dislike for Bitcoin, But Favor for Enterprise Blockchain

Despite being an Authorized Participant for Bitcoin spot ETFs, JPMorgan Chase CEO Jamie Dimon has been vocal in his criticism of cryptocurrencies, citing their primary use in illegal activities such as money laundering and illicit transactions. He once stated that he “wouldn’t know what to do with bitcoin” and “would never buy it”.

However, reports indicate that by the end of 2023, JPMorgan Chase's blockchain division, Onyx, had grown to 300 employees, three times larger than three years prior.

Former head of blockchain at JPMorgan Chase, Tyrone Lobban, also mentioned that clients are interested in tokenizing traditional finance, not cryptocurrencies.

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