No one was surprised when JPMorgan CEO Jamie Dimon took the stage at an Institute for International Finance (IIF) event and once again referred to cryptocurrency tokens as “decentralised Ponzi schemes” while praising certain blockchain features technology. Dimon has always been open about his dislike of cryptocurrencies.
According to the man whose bank was fined many billions of dollars for its legal offences, there is a lot of illegal activity in cryptocurrency.
Dimon acknowledged that blockchain has some “real” components while mentioning JPMorgan’s Onyx platform for wholesale payments.
JP Morgan recently revealed its intentions to create blockchain-based cross-border solutions. Liink, a network specifically designed for cross-border transactions, is offered by JPMorgan as part of its Onyx blockchain and payments initiative. Institutions can exchange financial data and verify transactions using a platform offered by Onyx.
As a replacement for the extensively used Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system, the union between Visa and JPMorgan and its suite of blockchain technologies appear to be available.
SWIFT has been exploring the potential of developing a cryptocurrency-based money transfer service, as reported by Todayq. The cross-chain interoperability protocol developed by Chainlink is being used in a “proof-of-concept” project that the worldwide financial messaging service is working on alongside Chainlink (CCIP). SWIFT can now conduct token transfers between several blockchains (almost all of them).
Without needing to integrate, replace, or create new systems, SWIFT-affiliated banks will be able to outfit themselves with blockchain functionality thanks to this programme. Banks will save a tonne of money if the deal is successful.