JPMorgan CEO - DeFi and Blockchain "are real"

Investment bank JPMorgan says that decentralized finance (DeFi) and blockchain technology will bring major growth potential to the economy. The Wall Street investment bank is determined to remain "at the forefront of this innovation", wrote CEO Jamie Dimon to the bank's shareholders.

"Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not, Dimon said.

The payments of eight out of the biggest 10 global tech companies are processed by JPMorgan, which is an increase of 60% compared to five years ago.

Dimon stated the bank's management shares the belief that "there are many uses where a blockchain can replace or improve contracts, data ownership and other enhancements; for some purposes, however, it is currently too expensive or too slow to be deployed.

This comes after last October, the CEO said that Bitcoin and other top cryptocurrencies are "worthless".