JPMorgan sees tech behind crypto as indispensable

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Updated November 10, 2022 | Published November 10, 2022

2 mins read

The bank is sure that the technology that underpins certain aspects of the crypto market is “the future of finance”.

Investment bank JPMorgan has provided new insight into cryptocurrencies with the company taking stock of what has transpired in the cryptocurrency market in recent days and weeks.

According to the bank, the technology that underpins these digital assets, the blockchain, and specifically the technology that pegs stablecoins to the value of the US dollar is here to stay with immutable surety.

In fact, the tokenization of securities and assets, smart contracts and cryptography is already having a real impact on the world and they are beginning to be intertwined with mainstream banking and finances.

JPMorgan refers to them largely as the future of financial systems. However, there are some challenges that lie on the road ahead.

One such challenge is trying to foster innovation while also balancing financial stability, as the recent see-saws in the value of cryptocurrencies have pressured even FTX, a popular cryptocurrency exchange, which had to reach out to Binance for a bail out, resulting in a takeover bid.

Financial stability risks will definitely have to be addressed by policymakers, the bank said.

Furthermore, there will have to be better KYC regulation in order to ensure that no terrorist financing and money laundering may occur.

Binance was recently accused in a Reuters report of having facilitated transactions in Iran. “A blue-sky regulatory framework is hard to achieve in light of political and technological realities”, the public note released by the bank concluded.

JPMorgan’s optimistic outlook suggests that the best for cryptocurrencies is yet to come. The crypto winter has definitely bitten into results, with all major cryptocurrency exchanges suffering, including Coinbase, Crypto.com and now FTX.

They have all wagered on the market remaining in an upward trajectory, but have failed to anticipate the volatility that still follows crypto markets.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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