Most of the crypto assets on the market are junk and the real use cases for digital currencies are underdeveloped. Such an opinion expressed Umar Farouk, head of the blockchain division of Onyx from the JPMorgan financial conglomerate.
During the Green Shoots organized by the Monetary Authority of Singapore, he noted that regulation is lagging behind the growth of the industry. This deters many traditional financial institutions from participating in the market.
“Most cryptocurrencies are still garbage, really. Except, I would say, a few dozen tokens. Everything else that was mentioned is either noise or frankly just goes away,” said Farouk.
CEO Onyx also believes that the technologies of the crypto industry are not mature enough to be used in Tradfi. For example, to conduct high-value transactions between institutions or host products such as tokenized bank deposits, Farouk elaborated.
“You need all these things to mature so that you can make a product with them. We have not yet reached this point. Most of the money in Web3 today, in the current infrastructure, is used for speculative investment,” he stressed.
Recall that in October 2020, JPMorgan revived the JPM Coin stablecoin project and created the Onyx division with about a hundred employees under the leadership of Farouk.
In March 2021, the financial holding opened more than 50 vacancies related to the blockchain. Four months later, JPMorgan further expanded its hiring of technology professionals.
In April, JPMorgan CEO Jamie Dimon recognized the value of blockchain and DeFi-applications.
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Most of the crypto assets on the market are junk and the real use cases for digital currencies are underdeveloped. Such an opinion expressed Umar Farouk, head of the blockchain division of Onyx from the JPMorgan financial conglomerate.
During the Green Shoots organized by the Monetary Authority of Singapore, he noted that regulation is lagging behind the growth of the industry. This deters many traditional financial institutions from participating in the market.
“Most cryptocurrencies are still garbage, really. Except, I would say, a few dozen tokens. Everything else that was mentioned is either noise or frankly just goes away,” said Farouk.
CEO Onyx also believes that the technologies of the crypto industry are not mature enough to be used in Tradfi. For example, to conduct high-value transactions between institutions or host products such as tokenized bank deposits, Farouk elaborated.
“You need all these things to mature so that you can make a product with them. We have not yet reached this point. Most of the money in Web3 today, in the current infrastructure, is used for speculative investment,” he stressed.
Recall that in October 2020, JPMorgan revived the JPM Coin stablecoin project and created the Onyx division with about a hundred employees under the leadership of Farouk.
In March 2021, the financial holding opened more than 50 vacancies related to the blockchain. Four months later, JPMorgan further expanded its hiring of technology professionals.
In April, JPMorgan CEO Jamie Dimon recognized the value of blockchain and DeFi-applications.
Read Cryplogger bitcoin news in our Telegram — cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
