JPMorgan CEO Jamie Dimon criticized cryptocurrencies just last week, saying "if he were the government, he would ban cryptocurrencies." But its blockchain unit Onyx has 300 employees, three times the number three years ago.
Jamie Dimon has repeatedly criticized cryptocurrencies
While JPMorgan Chase continues to develop applications related to blockchain technology, CEO Jamie Dimon has remained averse to cryptocurrencies for years. Jamie Dimon once again criticized cryptocurrencies at a U.S. Senate hearing last week. He pointed out that the crypto industry can move funds instantly and escapes the regulatory framework required by banks, including sanctions and anti-money laundering. He argued that the main application of digital assets is crime. .
He said:
I have always been strongly against cryptocurrencies like Bitcoin and if I were the government I would shut it down.
Blockchain unit Onyx triples headcount
However, according to DLNews, JPMorgan Chase’s blockchain unit Onyx now has 300 employees, up from around 100 three years ago.
Onyx is a crypto asset service platform owned by JPMorgan Chase. It provides a series of services that use blockchain to optimize the existing financial system, such as transfer settlement using the stable currency JPM Coin and tokenizing assets (RWA). Its newly launched tokens Programmed services can implement more complex automatic deduction mechanisms.
And its digital token, JPM Coin, has processed transactions worth up to $1 billion every day. Rather than just trading in U.S. dollars, the token allows customers to make payments in U.S. dollars and euros on its private blockchain network.
Hate Bitcoin, but love enterprise blockchain
Cryptocurrency and macroeconomics expert Noelle Acheson said:
Jamie Dimon hates Bitcoin, but he loves enterprise blockchain, and he’s even interested in DeFi.
The billionaire called Bitcoin a poor store of value in 2014 and said in 2017 that he would immediately fire any JPMorgan trader caught trading Bitcoin.
After Jamie Dimon took over as CEO of JPMorgan Chase in 2006, he successfully led JPMorgan Chase through the subprime mortgage crisis. Currently, JPMorgan Chase has assets of US$3.2 trillion and operations around the world.
Acheson said:
For many people with a certain way of thinking and managing the financial system, it is difficult to understand that Bitcoin is both an asset and a technology.
Tyrone Lobban, head of blockchain at JPMorgan Chase, has previously stated that customers focus on the tokenization of traditional finance rather than cryptocurrencies.
It can be seen that JPMorgan Chase’s corporate culture values blockchain technology but does not touch cryptocurrency.
This article JPMorgan Chase CEO Jamie Dimon hates cryptocurrencies, but his blockchain department continues to increase its employees first appeared on Chain News ABMedia.
