JPMorgan CEO praises decentralised finance in shareholder letter

What

In an annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon recognised the advantages of decentralised finance and blockchain technology

Why 

The CEO went on to say he believes that there are many uses where a blockchain can replace or improve contracts, data ownership and other enhancements

What next

JPMorgan has begun to use blockchain technology to move tokenised U.S. dollar deposits with JPM Coin and established the blockchain network ‘Liink’ to find more efficient ways to transfer data through custom applications

The story

JPMorgan CEO Jamie Dimon recognized the benefits of decentralised finance (defi) and blockchain technology in his latest annual letter to shareholders.

In the letter which discussed his company’s investments in technology, Dimon said:

“Decentralised finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”

The CEO elaborated: “JPMorgan Chase is at the forefront of this innovation. We use a blockchain network called Liink to enable banks to share complex information, and we also use a blockchain to move tokenised U.S. dollar deposits with JPM Coin.”

Commenting further on blockchain’s utility in the letter, Dimon said that he believed there were many uses where a blockchain could replace or improve contracts, data ownership and other enhancements. 

However, he also cautioned that it is currently too ‘expensive or too slow to be deployed’.

To read more about decentralised finance, visit our learning resource here.