Emre Yumlu 
The line separating decentralized finance (DeFi) and traditional finance (TradFi) is beginning to blur — and according to industry leaders, this transformation is happening more quickly than anticipated. JPMorgan’s blockchain head, Nelli Zaltsman, says this convergence could mark a major shift in global finance.
The Wall Between TradFi and DeFi is Crumbling
Speaking at RWA Summit Cannes 2025, Zaltsman highlighted JPMorgan’s efforts to build a payments infrastructure that supports both onchain and traditional assets. Appearing alongside Chainlink Labs co-founder Sergey Nazarov, she emphasized that such efforts could accelerate the institutional adoption of public blockchains.
“Our goal has always been to work with public blockchains, as long as regulations allow it,” Zaltsman stated. JPMorgan’s approach, she added, is “asset-agnostic,” aiming to offer clients seamless access to multiple networks while minimizing friction.
JPMorgan Pilots Blockchain Settlement with Chainlink and Base
In a recent pilot project, JPMorgan tested synchronized settlement technology using Chainlink. This innovation allows blockchain-based bank deposits to process transactions across multiple chains. Nazarov called it an early glimpse of how traditional capital could connect to digital asset markets.
JPMorgan also began piloting a new deposit token (JPMD) on Coinbase’s Base network. Unlike stablecoins, these deposit tokens remain within JPMorgan’s banking infrastructure while giving users direct access to blockchain-based markets — effectively bridging onchain liquidity with institutional treasury systems.
Infrastructure Is Ready, and So Is the Industry
Zaltsman believes the pace of convergence is accelerating, thanks to better infrastructure and growing industry cooperation. “A decade ago, we had to build our own private blockchain because there weren’t viable options. Today, the tools and support are finally here,” she explained.
She hopes the convergence happens sooner rather than later:
“We need to see technology for what it is — a tool to serve users — and stop enforcing artificial boundaries.”
JPMorgan Sets the Tone for the Financial Sector
Nazarov emphasized that JPMorgan’s involvement will likely influence other banks to follow.
“When a major player like JPMorgan moves, it makes others in the banking sector pay attention,” he said.
He also noted that technologies like cryptographic proofs and smart contracts are enabling smaller financial institutions to operate with the same level of trust and transparency as major banks. This shift, according to Nazarov, could unleash a wave of innovation and competition in capital markets.
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