The firm's commercial bank is working on a proof-of-concept for a blockchain-based debt trading system.
Despite the fact that its CEO has taken a very public stance against cryptocurrency and Blockchain in the past, JPMorgan is exploring the creation of a new blockchain-based system for working with debt.
In an exclusive conversation with Finance Magnates, a source from JPMorgan Chase has confirmed that the firm is developing a blockchain-based syndicated debt Trading Platform to be used internally. The platform will initially be tested in the firm’s commercial bank; if successful, the platform will spread to the firm’s other “sub-banks.”
At this point, the platform “is only a concept for JPMorgan,” the source explained, and is therefore “a good test without presenting to customers.” A team of 25 developers is working on finishing the platform’s proof-of-concept by July 30th; if JPMorgan Chase chooses to move forward with the project, full implementation of the platform will happen in December of this year.
Not Ethereum-Based, but ‘Ethereum-Style’
When a trade is made on the platform, fiat currency will automatically be traded for the platform’s native coin (which has no name as of yet.) Transactions will then be confirmed on an “Ethereum-style” blockchain before being converted back into fiat. The blockchain is reportedly modeled after Ethereum's because of ETH's “faster transactions.”
The source added that although the exact motivation behind JPMorgan Chase’s desire to create a blockchain system is unclear, the developer’s opinion is “they want to sell the idea of privacy and stay centralized.” On a practical level, this means that the firm will control all ledgers and nodes, at least initially.
JPMorgan’s Rather Cautionary Relationship With Blockchain
This new project is not JPMorgan’s first foray into blockchain. In mid-April, CNBC reported that JP Morgan Chase was in the process of testing a blockchain platform for “issuing financial instruments with the National Bank of Canada and other large firms” with the goal of streamlining internal banking processes.
JPMorgan Chase also reportedly developed a blockchain-based platform called “Quorum” over two years ago with a similar goal; the firm considered establishing Quorum as a separate legal entity in March of this year.
Despite JPMorgan Chase’s rather longstanding interest in blockchain, CEO Jamie Dimon was long recognized as one of the most outspoken critics of blockchain technology and Bitcoin in particular. Last September, Dimon condemned BTC as a “fraud,” a remark that he later admitted he regretted making.
However, Dimon changed his tune this January when he began to recognize the technological potential of distributed ledger technology. “Blockchain is real,” he said. However, Dimon conceded that he’s “not interested that much in the subject.” Perhaps his attitude is changing.
Despite the fact that its CEO has taken a very public stance against cryptocurrency and Blockchain in the past, JPMorgan is exploring the creation of a new blockchain-based system for working with debt.
In an exclusive conversation with Finance Magnates, a source from JPMorgan Chase has confirmed that the firm is developing a blockchain-based syndicated debt Trading Platform to be used internally. The platform will initially be tested in the firm’s commercial bank; if successful, the platform will spread to the firm’s other “sub-banks.”
At this point, the platform “is only a concept for JPMorgan,” the source explained, and is therefore “a good test without presenting to customers.” A team of 25 developers is working on finishing the platform’s proof-of-concept by July 30th; if JPMorgan Chase chooses to move forward with the project, full implementation of the platform will happen in December of this year.
Not Ethereum-Based, but ‘Ethereum-Style’
When a trade is made on the platform, fiat currency will automatically be traded for the platform’s native coin (which has no name as of yet.) Transactions will then be confirmed on an “Ethereum-style” blockchain before being converted back into fiat. The blockchain is reportedly modeled after Ethereum's because of ETH's “faster transactions.”
The source added that although the exact motivation behind JPMorgan Chase’s desire to create a blockchain system is unclear, the developer’s opinion is “they want to sell the idea of privacy and stay centralized.” On a practical level, this means that the firm will control all ledgers and nodes, at least initially.
JPMorgan’s Rather Cautionary Relationship With Blockchain
This new project is not JPMorgan’s first foray into blockchain. In mid-April, CNBC reported that JP Morgan Chase was in the process of testing a blockchain platform for “issuing financial instruments with the National Bank of Canada and other large firms” with the goal of streamlining internal banking processes.
JPMorgan Chase also reportedly developed a blockchain-based platform called “Quorum” over two years ago with a similar goal; the firm considered establishing Quorum as a separate legal entity in March of this year.
Despite JPMorgan Chase’s rather longstanding interest in blockchain, CEO Jamie Dimon was long recognized as one of the most outspoken critics of blockchain technology and Bitcoin in particular. Last September, Dimon condemned BTC as a “fraud,” a remark that he later admitted he regretted making.
However, Dimon changed his tune this January when he began to recognize the technological potential of distributed ledger technology. “Blockchain is real,” he said. However, Dimon conceded that he’s “not interested that much in the subject.” Perhaps his attitude is changing.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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