Umar Farooq, Chief Executive Officer at JPMorgan’s digital assets unit Onyx, referred to those who believe that the cryptocurrency industry “is here to stay” and said that bitcoin has been evolving ever since it “kind of rolling along slowly” in its early years.
Crypto Today Is Similar to Napster in the 90s
When it comes to cryptocurrencies and their merits Mr. Farooq appears to have a completely different opinion than Jamie Dimon, the Chief Executive Officer of JPMorgan & Chase. The CEO is wrong. Farooq believes that digital assets will not disappear. He doesn’t know in what form or shape they will be in the near future.
Farooq likened the current evolution to the space to Napster, an audio streaming service. Many believe that the software was the stepping stone to giants like Spotify and Apple Music in the 90s.
“Twenty years later, Apple Music and Spotify are here. Without Napster, I doubt we would be where we are today. We live in the Napster age. We don’t even know what Spotify looks like.”
Onyx’s Chief Executive also mentioned bitcoin. According to him, bitcoin was in a cognitive state for its first 13 years. But, things have changed recently and more people are realizing the benefits of BTC.
“Bitcoin is around for more than a decade. The first few years were slow and steady. But then, things began to pick up.
Umar Farooq, Source: Euromoney
JPM Coin’s Expanding
The US multinational bank announced nearly two years ago that it would launch a digital payment system called JPM Coin. However, the Onyx, which is the blockchain unit responsible for the project, controls the project.
The Central Bank of Bahrain (CBB), successfully completed last week’s test of JPMorgan’s digital currency. This was the first time that the blockchain product had been tested in this part of the world.
Two other entities were involved in the experiment: Aluminium Bahrain, a Bahrain-based bank ABC, and Manama-based Bank ABC. This was the first Middle East aluminum smelter. It is also more well-known as Alba. With the JPM Coin, the former initiated real-time payments for the latter.
Ali Mousa, CEO of JPMorgan Bahrein, stated that Onyx is “committed” to leading the construction of the next generation clearing and settlement infrastructure. He concluded that the trial’s success would benefit JMP Coin’s future development.
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