JPMorgan Chase CEO Jamie Dimon: We're Probably One of the Biggest Users of Blockchain

JPMorgan Chase CEO Jamie Dimon said on Tuesday that his company is likely one of the biggest users of blockchain technology. This statement came during an interview at the Financial Markets Quality Conference.

"We're probably one of the bigger users of blockchain, actual users, like a real user," Dimon said when asked about innovative technologies like blockchain and artificial intelligence. "It's just a database."

However, Dimon, who has long been skeptical of cryptocurrencies, didn't change his stance on what he calls a "worthless" industry. In fact, the 68-year-old banker reiterated his favorite analogy: "Cryptocurrency... I call it a Pet Rock." (Note: Dimon previously compared Bitcoin to a Pet Rock).

Despite this, Dimon seems to have grudging respect for the underlying technology of cryptocurrency. He pointed out that blockchain is a "good way to share data" and can build trust between banks and their clients.

In 2020, JPMorgan Chase created its private, permissioned network Onyx, based on a fork of Ethereum. The system is designed for wholesale payments, peer-to-peer lending, and cross-border payments. Onyx has processed over $700 billion in transactions and its users include companies like Goldman Sachs, DBS Bank, and BNP Paribas.

Dimon also said on Tuesday: "We've been talking about blockchain for 12 years now and not much has happened — it's not like AI." Additionally, while Dimon stated that JPMorgan Chase is unlikely to offer loans against cryptocurrencies, he expressed certainty that clients could access some cryptocurrency services through the bank.

"If you want to do that... it's a free country," Dimon said. "I believe in a free country, you can do whatever you want to do."

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