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While crypto markets continue to flounder in terms of currency value, more and more traditional investment institutions like JP Morgan are adopting blockchain to solve some of their challenges.
I have long surmised that the outcome of the current crypto boom would be similar to the equity crowdfunding madness of a few years ago. Many entered and only a few remained. Yet, those few like OurCrowd attracted plenty of institutional and traditional investment.
JP Morgan CIO Lori Beer said the following at her press conference in Buenos Aires:
“We are currently following many paths. We invented a blockchain with an open code based on Ethereum. Actual blockchain technology has not yet resolved issues with privacy and scalability that we needed. We are connected to Hyperledger and Enterprise Ethereum Alliance. The application of this technology in business is more important to us than the technology itself. We are looking not only for cost reduction, but also for opportunities to develop new products.”
Why is Beer’s statement so important? It indicates as has been happening over the past quarter or two that traditional institutions are beginning to enter into the crypto fray. This is key for creating a growing ecosystem with less volatility and increased long term value.
Rudolf Medvedev, CEO of Ternion says the following in regards to Beer’s statement:
“This will finally make a unified system. Where you don’t have to use 3–4–5–6–7 blockchains, but one shall be functional for all. This will make it easier for development and implementation in the real world.”
Ultimately successful platforms will be forced to shed the crypto angle and function far closer to fintech platforms we have grown accustom to.