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Old October 28th, 2020, 09:33 AM
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Default JP Morgan Enters Blockchain Space

JP Morgan Enters Blockchain Space

Excerpt: “Think of it as the foundation of an enterprise mainnet.”

That’s how Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business.

The revamped Liink, which is based on a fork of Ethereum, is more of a “decentralized network,” said Moy, and less like a “central command product.” As such, Liink now invites its 400-plus financial institutions (including 25 of the largest 50 banks) to start building on top of the platform.

- coindesk.com

Some people believe that digital currencies; such as Bitcoin are going to make banks obsolete. Nothing could be further from the truth.

JP Morgan and other global institutions simply adapt and pivot. They have money, clout, reputation and the power to create their own digital currency, blockchain and have a vast global network to create something that will not only get them a solid footing in this space but to get others to join them.

Remember the California Hydrogen Highway? It was an experiment to build hydrogen filling stations for cars in California. Alternative fuel with zero carbon footprint. Guess who were the biggest donors to this project? Oil companies and automobile companies. They work hand-in-hand, pivoting.

The power of global banking is here to stay but it will morph into something else ensuring that those in the banking wheelhouse stay at the helm of finance, digital currency or otherwise.
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