Newfound Crypto Admirer Jamie Dimon: “I Firmly Believe JPM Coin Could Be Used By The Masses”
Jamie Dimon: “ I Firmly Believe That JPM Coin Could One Day Be Used By The Masses”
JP Morgan Chase CEO ‘Jamie Dimon’ is a controversial figure within the crypto world. This is because he has time and again disparaged the digital asset industry by likening Bitcoin and other top alt-tokens to “scams and pyramid schemes”.
However, it now appears as though Dimon has softened his stance towards this burgeoning market somewhat— as he recently gave an interview where he claimed that his firm's recent crypto offering (JPM Coin) might “one day be used by the consumer industry at large”.
The asset in question is like any other stablecoin and will have its value pegged to the US Dollar.
A Closer Look At JPM Coin
During his keynote address at JP Morgan Chase’s annual investor day, Dimon was questioned on a host of different topics including how digital currencies could possibly be used in the future. His response was largely predictable and was predicated on the notion that their company’s latest offering — the JPM token— could help provide the masses with an all-encompassing digital currency.
With that being said, the main issue with JPM Coin is that its framework is essentially a copy of their similar offerings. Additionally, there is nothing new being offered by the currency to the investment community — even in the slightest.
To top it all, JP Morgan has no desire to make its new “crypto offering” decentralized or permissionless.
More On The Matter
When looking at the ecosystem that JPM Coin has been built atop, we can see that the altcoin houses a network of validators that have been pre-approved by the bank. Not only that, any network participant (including consumers) too will need the explicit consent of JP Morgan to make use of the system. In this regard, if a particular tx is deemed to be shady by the networks’ administrators— it could be instantaneously censored.
In closing out this piece, it is worth noting that such a token was to be expected from a big-name player like JP Morgan sooner rather than later. However, what large financial institutions fail to understand is that their crypto-offerings not only pale in comparison to what’s already out there in the market but they serve as a stark reminder as to what a crypto project should never become.
Only time will now tell whether or not the investor community at large will accept an offering like JPM Coin or relegate it to the growing heap of dying/dead altcoins we have today.