Jamie Dimon on Blockchain Technology

Jamie Dimon, the CEO of JPMorgan Chase, stated in an interview at the Financial Markets Quality Conference that JPMorgan is likely one of the largest users of blockchain technology, saying,
> "We're probably one of the bigger users of blockchain, an actual user, like a real user. It’s just a database."

Despite his long-standing skepticism towards cryptocurrencies, which he previously compared to "a pet rock," Dimon expressed that he has developed a begrudging respect for the underlying blockchain technology. He remarked that blockchain serves as a "great way to share data" and build trust between banks and their clients.

In 2020, JPMorgan launched a private, permissioned blockchain network called Onyx, built on a version of Ethereum. This system facilitates wholesale payment transactions, peer-to-peer lending, and cross-border payments.

Achievements of Onyx
The Onyx network has successfully processed over $700 billion worth of transactions, with notable users including Goldman Sachs, DBS Bank, and BNP Paribas.

Dimon has historically been critical of cryptocurrencies. At the 2021 Davos meeting, he labeled bitcoin as a "hyped-up fraud" while acknowledging blockchain as an efficient method for transferring money. He noted the minimal advancements in blockchain over the past 12 years, contrasting it with the rapid evolution of artificial intelligence.

Although Dimon has suggested he would ban crypto if he were in a government position, he has reportedly softened his stance amidst speculation of a potential Treasury Secretary nomination should Donald Trump win reelection.

While he mentioned that Chase is unlikely to provide loans against cryptocurrencies, he is confident that clients can access some crypto services at 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.