Executive director of JPMorgan Chase, Amber Baldet, who heads the bank’s blockchain team, spoke today during CNBC’s Power Lunch, where she said that banks trading in digital currencies “coming sooner than people think”. She added:
“But even where the will is, the legal and regulatory framework is challenging.”
It’s noteworthy that, despite investors’ interest in the market, especially in the past year, banks remained unshakable and stayed away from the industry. Only in the past few months, the financial industry has begun to turn its attention to this sector.
Goldman Sachs announced that it was introducing a cryptocurrency version of the US dollar, earlier this month. According to the report, they said that the introduction of blockchain-based computing and crypto assets led to a new era of “open Internet”. Than they added: “there is no stable price for the exchange and preservation of value”, which is necessary for “global financial compatibility to function reliably and consistently”.
The bank starts to consider the use of digital currencies on its platforms, but, according to Baldet, remains a serious problem.
As Amber Baldet announced his departure from JPMorgan in April, there were questions about what she would do next. During a consensus conference in New York, Baldet, which was listed as Forty Fortune 40, unveiled its new Clovyr startup, which claims to offer something similar to an application store, but for projects built on a blockchain.
“There’s no way to discover what’s out there right now, there’s no Google for finding applications. The ability to discover apps is helpful but the ability to build them is also encompassed in there.”
Earlier today, JPMorgan reported that they hired a 29-year-old leader to lead the crypto strategy. Such a move from the Wall Street bank represents a significant turning point for the bank giant and indicates that it can consider the issue of seriously tackling the sector in order to ensure its further development.