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RWA Get Another Boost As JPMorgan’s Onyx Settles Siemens Commercial Transaction In 93 Seconds

Jamie Dimon has had more of an arc than most anime villains. The CEO of JPMorgan Chase is known for his complicated relationship with Bitcoin

By Isaiah Mccall

Last Updated: Sep 24, 2024

Fact checked

By Akriti Seth

Jamie Dimon has had more of an arc than most anime villains. The CEO of JPMorgan Chase is known for his complicated relationship with Bitcoin, which has evolved significantly over the years.

Dimon grabbed attention only a few years ago by tearing into Bitcoin, equating it to the notorious Dutch tulip mania from the 1600s. During an investor conference, he boldly stated:

“I would fire in a second any JPMorgan trader caught trading in Bitcoin.”

At the time, Bitcoin was priced at a modest $4,161.27.

Even with Dimon’s Bitcoin doubts, JPMorgan is knee-deep in blockchain exploration, crafting solutions that spotlight tokenization and digital trades. Their brainchild, Onyx, harnesses the JPM Coin to turbocharge transactions, pushing the frontiers of digital finance.

JPMorgan: Tokenization is The Future of Finance

JPMorgan’s blockchain strategy hinges on tokenization, turning real-world assets (RWAs) into digital tokens and boosting transaction speed and agility.

Recent partnerships, like the Onyx and SWIAT blockchain group, showcase this tech in action. German tech company Siemens, for instance, issued €100,000 in tokenized securities via SWIAT, using JPM Coin for lightning-fast settlements, underscoring blockchain’s inroads into mainstream finance.

“Transactions with JPM Coin have ‘exploded’ after introducing programmability to the network,” noted Umar Farooq, emphasizing the scale of blockchain’s impact on financial transactions.

 

Dimon’s critique of cryptos as “pet rocks” belies the bank’s real acknowledgment of blockchain’s industry-shaping force.

Major banks, like JPMorgan, and asset managers like BlackRock, are adopting this tech, reflecting a bigger trend of financial modernization, merging the worlds of legacy finance and crypto.

Explore: Over 50% Young Crypto Investors Trust Social Media And “Finfluencers,” BaFin Study Finds 

Bottom Line

While Dimon’s crypto doubts linger, JPMorgan’s leap into blockchain shows a readiness to dive into finance’s next chapter.

As tokenization picks up pace, blockchain’s influence on reshaping finance is poised to challenge old norms and unlock new paths for growth.

DISCOVER: The Best Bitcoin and Cryptocurrency Exchange Guide

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Isaiah Mccall
Isaiah Mccall
Crypto Analyst

Isaiah McCall is an ultramarathon runner and journalist for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter Read More

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