Famous financial giant JP Morgan has endorsed Ethereum, claiming that it is a big believer in the most popular altcoin. This came as a little bit of surprise though, as the CEO of the firm is known for throwing shades at Bitcoin (BTC). Apparently, he is not done thrashing BTC.
JP Morgan has been doing great with Quorum, which happens to be the firm’s enterprise version of the Ethereum blockchain. According to Australia Financial review, Quorum will be using the instrumentality of the Ethereum network to tokenize gold bars. JP Morgan’s New York-based head of blockchain initiatives, Umar Farooq stated that;
“There are people outside our firm using Quorum to tokenise gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it is a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example.”
The ‘Blockchain Not Bitcoin’ Proposition
The company’s head of the enterprise also established that Quorum is the flagship product of the umbrella company, saying;
“We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum.”
At the same time, the position of the CEO Jamie Dimon has not changed a bit about the subject matter, it appears that he still doesn’t consider Bitcoin as a currency, a position held by most persons in the cryptocurrency ecosystem.
At the Axios Conference in LA, Dimon further reiterated his antagonizing position on Bitcoin thereby quashing the earlier reports that suggested that his stance on Bitcoin has changed. He stated that “I never changed what I said, I just regret having said that.” He added; “I didn’t want to be the spokesperson against Bitcoin. I just don’t give a fuck, that’s the point.”
The generality of the traditional financial sector has been operating some sort of ‘blockchain, not Bitcoin’ proposition and with the expression of the CEO JP Morgan, it seems as though he holding this position as well. Most of them thrashing Bitcoin and other virtual currencies but staying glued to its bedrock technology, Blockchain. Dimon admitted that “Blockchain is real, it’s a technology, but Bitcoin isn’t the same as a fiat currency.”