JPMorgan Chase CEO Jamie Dimon stated that he doesn't assume that cryptocurrency projects create an existential threat to JPMorgan's core business.

During an interview with Yahoo Finance on June 27, Dimon mentioned crypto’s potential impact on the prevailing banking system:

"We move $6 trillion a day round the world. it's rock bottom, terribly secure, it works. and also the banking industry has already built Zelle, real time p2p, and TCH, the clearance house, with the banking industry built real time payments. we already have all that."

Dimon further stressed that each one transactions are conducted in compliance with know Your client and anti-money wash procedures.

While the CEO declared that the bank’s core business is probably going not threatened by crypto, he declared that they are doing offer healthy competition and that some companies “want to eat our lunch.”

In order to remain competitive, Dimon stated that the firm is regularly developing new offerings like free trading, robo finance and different services for its customers.

JPMorgan is reportedly expecting to pilot its own cryptocurrency JPM Coin by the end of 2019. Umar Farooq, head of digital treasury services and blockchain at JPMorgan, declared that the bank’s stablecoin has a potential to modify “instant” delivery of bonds via blockchain.

Earlier today, Top Market Group reported that Goldman Sachs' chief executive David Solomon said that he believes international payment systems are heading within the direction of stablecoins. “Assume that all major monetary establishments round the world are observing the potential of tokenization, stablecoins and frictionless payments,” he expressed.

Solomon additionally advised that tech giants like Facebook would really like to avoid the regulative constraints that banks face, making it more possible that they might try to enter into partnerships than become monetary establishments themselves.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now