Jimmy Damon, CEO of Global Banking Giant Jpmorgan (JPM)The bank said the bank is planning to participate more in Stablecoins, even when it questioned its practical benefit compared to traditional payments.
“We will participate in JPMorgan DeProscoin and Stablecoins to understand it, to be good in it,” Damon said during the bank’s profit call on Tuesday. “I think it’s real, but I don’t know why Stablecoin wants instead of just payment.”
His comments came in the role of Stablecoins, a sub -group of encrypted currencies with prices often associated with Fiat funds like the US dollar, has a penetration moment in the wider financial system. It is increasingly used as a cheaper and faster alternative to border payments, especially in emerging countries. The American regulations that wave the other back winds provide the background of the sector, as the Senate has already passed the genius and council law that aims to vote on the proposal this week.
Read more: The house is preparing to vote for the encryption market on Wednesday, Stablecoins on Thursday
Damon has long been skeptical in cryptocurrencies. Nevertheless, the bank was pioneering early in the distinctive symbol through its own Blockchain network, previously known as Onyx. The bank now settles on two billion dollars in transactions daily using JPM. Last month, the deposit code, JPMD, also submitted on the basic network, which is the Blockchain designed by Coinbase that works on Ethereum.
Dimon has also suggested that financial technology companies, FinTecs, use Stablecoins and Blockchain tools to diversify to traditional banking services. “These men are very smart,” he said. “They are trying to discover a way to create bank accounts and enter the payment and bonus systems.”
“We must realize this,” he said. “How to be aware of the participation.”
For example, Dakota, an encrypted energy company, offers US dollar payments across the border using Stablecoins in the back interface and antiquities 12.5 million dollars to expand its services to more than 100 countries.
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