Deniz 
In an interview at the Financial Markets Quality Conference on Tuesday, Jamie Dimon, CEO of JPMorgan Chase, asserted that the biggest bank in the United States, Jamie Dimon’s helms, most certainly makes use of blockchain technologies. Dimon said, “We’re probably one of the bigger users of blockchain, an actual user, like a real user,” when questioned about cutting-edge technology like artificial intelligence and blockchain. “It’s just a database.”
On the industry he has labeled “worthless,” Dimon, a long-time crypto critic who has likened bitcoin to “a pet rock,” is not performing an about-face. Indeed, the 68-year-old once more employed his preferred laugh line: “Cryptocurrency… I call this a pet rock.”
Having said that, Dimon seems to have acquired grudging respect for the technology behind cryptocurrencies since blockchain is “a great way to share data” and build trust between banks and their clients.
To establish Onyx, a private, permissioned network for 2020, JPMorgan forked a variation on Ethereum. The system is made for cross-border payments, peer-to-peer lending and borrowing, as well as wholesale payments. Processing more than $700 billion worth of transactions, the Onyx network boasts users including Goldman Sachs, DBS Bank, and BNP Paribas.
For years, Dimon has been a crypto-dismissive advocate of blockchain. The banker known as bitcoin at Davos, Switzerland, in 2021 described it as a “hyped-up fraud,” but blockchain as an “efficient” means of money flow. Dimon stated on Tuesday, “We’ve been talking about blockchain for 12 years; not much has happened—it ain’t like AI.”
Once claimed in a congressional hearing that he would ban crypto “if I were the government,” Dimon is reportedly in the running to be named Treasury Secretary should Donald Trump be reelected, a post he is now softening on. Although Dimon stated Chase is unlikely to lend against cryptocurrencies, he is rather certain customers have access to some crypto services via the bank.
“If you want to do it… it’s a free country. I believe in a free country; do what you want,” Dimon stated.
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