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JPMorgan Chase CEO on Blockchain Technology and the ‘Very Very Tough Competition’ Against FinTech Firms

On Friday (January 15), during the JPMorgan Chase Q4 2020 Earnings Call, CFO Jennifer Piepszak and Chairman and CEO Jamie Dimon talked about blockchain technology and the “very very tough competition” in the next 10 years against FinTech firms. During the Questions & Answers segment of the conference call, Charles Peabody, President of Portales Partners, […]

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On Friday (January 15), during the JPMorgan Chase Q4 2020 Earnings Call, CFO Jennifer Piepszak and Chairman and CEO Jamie Dimon talked about blockchain technology and the “very very tough competition” in the next 10 years against FinTech firms.

During the Questions & Answers segment of the conference call, Charles Peabody, President of Portales Partners, asked the following questions:

Good morning. I have a couple of questions related to FinTech, and unfortunately, I was born in a wrong generation, so I need a lot of help. How dependent is the FinTech world on the banking system? As I understand, they lay on top of the pipes and the plumbing of the banking system. Do you have any leverage in a competitive world against the FinTech world?

And then, secondly, I noticed that the OCC gave banks the green light to use public blockchain networks and stablecoins. Can you explain what importanance that has to JP Morgan?

Jennifer Piepszak, the JPMorgan Chase CFO, replied:

Oh, OK, sure. That guidance enables an offering of stablecoins on a public blockchain. That doesn’t impact JPM Coin. JPM Coin, you should think about as the tokenization of our customer deposits.

It’s obviously very early. We will assess use cases and and customers demand. But it’s still too early to see where this goes for us.

Jamie Dimon, the JPMorgan Chase Chairman and CEO, then added:

And we are using blockchain for sharing data with banks already, and so we are at the forefront of that, which is good. The other question was about FinTech… Look, first of all, they are very good competitors… They are strong. They are smart. Some effectively ride the rails. So we bank a lot of them. You know, we help them accomplish what they want to accomplish…

My view is we are going to compete –we need to — and we have to look at our split inside of what we could do better, or could have done better, and things like that. So I am confident we will compete, but I think we now are facing a whole generation of newer, tougher, faster competitors who if they don’t ride the rails of JP Morgan, they can ride the rails of someone else…

I have told you before: everyone is going to be involved in payments. Some banks going to white label, which makes FinTech competitors white label banks and build whatever service on top of it, and we have to be prepared for that. I expect it to be veryvery tough competition in the next 10 years. I expect to win. So help me God.

Peabody then had this follow-up question:

So do they need the banking system to complete their loop of service or can they work completely outside the bank?

The JPMorgan Chase CEO replied:

Well, most of them will do for now, but I think it’s a mistake to say it’s going to be forever. They’re getting bank licenses. Utah is giving industrial licenses. Like I said, banks are white labeling. So, it’s effectively the same thing…

If a FinTech company uses a white label bank just to process their business, they’re basically a bank. You know, what the regulator will do, I don’t know, but we have to assume that they are going to do it. And that some will find ways not to use the banking system, which they have done… I am not against that. The regulators may have a point of view about that one day, but I am less worried about that. I am going to worry about us.

It is worth pointing out that on January 4, a team of J.P. Morgan global market strategists led by Nikolaos Panigirtzoglou, reportedly wrote in a note to clients that, over the long term, Bitcoin’s price could get to $146,000 and higher.

Dr. Panigirtzoglou is a Managing Director at J.P. Morgan who works on Global Market Strategy. He edits the weekly publication “Flows & Liquidity”, which is one of J.P. Morgan’s flagship publications. Before joining J.P. Morgan in 2004, he worked as a Financial Economist at the Bank of England. Dr. Panigirtzoglou holds a PhD in Finance from Queen Mary University of London, an MSc in Economics from London School of Economics, and MSc in Economics and Finance from Warwick Business School.

According to a report published by Bloomberg on December 5, Panigirtzoglou and his team wrote:

A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term… a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process. This implies that the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.

Blockchain

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

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[PRESS RELEASE – Tallinn, Estonia, 11th May 2021]

PARSIQ, a platform that monitors data and automation across blockchains, bridging both on and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain.

A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real-time and then constructs an indexed composition of actions in any one chain in the process of reverse-engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer by utilizing chain-specific feature extraction.

Building a Bridge

PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real-world uses and strengths. This is a model which builds strength from numbers and enhances usability by combining the entire group of chains into one strong network.

PARSIQ, rather than being a chain itself, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to events, plus they are able to store and alter data and also to learn from the data as they grow.

The platform, in addition to monitoring data and creating alerts, can also be used to deploy bots, as well as for areas like monitoring AML, performing automated accounting, and more. Each developer’s data stream is completely unique with its own branding retaining as well as its pricing structure, even while it is growing and learning from the entire network.

PARSIQ is now integrated across all of the major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash, and Algorand, to give users a way to simplify the automation of all their processes and applications off-chain, on-chain, and even across Layer-2 chains.

About PARSIQ

PARSIQ’s smart triggers have far-reaching functionality, including monitoring transactions, assets are withdrawn from a user, sent to other users, transfers exceeding a pre-set level, and many more. Developers can use the PARSIQ platform to build their own smart triggers for data workflow automation, storage, and learning here:

https://portal.parsiq.net/signup

Examples of workflows include:

Alerts of DOT transactions as they happen

Bridging events in the Polkadot Relay Chain (as well as other chains) with a simple user interface

Monitor data flow and create advanced analytics from the data

Alerting to strong potential trades

Usage for traders, platforms, and market researchers to build strong, data-backed pictures of the markets.

About Polkadot

Created by one of Ethereum’s founders, Dr. Gavin Wood Polkadot’s goal is to take blockchains to a state closer to Web3, where all on-chain activity is shared across a variety of chains. It is an intersection capable of translating architecture into one heterogeneous language for customizing side chains to connect with public blockchains.

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Source: https://cryptopotato.com/parsiq-integrated-into-polkadot-for-smart-triggers-across-the-relay-chain/

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Raze Network Kicks Off Testnet Phase With UI Community Voting

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[PRESS RELEASE – Singapore, Singapore, 11th May 2021]

Raze Network, the first Polkadot-based privacy protocol, is bracing to engage community members with our first testnet. Early birds will be able to provide feedback on the quality, function, and overall experience of the Polkadot-based privacy protocol.

This huge milestone clears the way for ‘Razers’ and collaborators to easily test drive the newest features and allows plenty of maturation time for these new features to be fully tested.

Our team already started designing the user interface of the privacy protocol we promised to launch. However, we want to resort to the collective wisdom of our community on how to actually bring this to realization, thus launching this UI Community Voting Campaign.

The beta testnet marks the latest step forward in Raze Network’s overall mission to enable the broader community to contribute to the evolution of our trustless decentralized privacy protocol.

Raze Network’s applications present the decentralized finance (DeFi) community with a cross-chain middleware solution on Polkadot for concealing transactions when operating on decentralized exchanges.

With a clear vision and solid use-case, the protocol-based solution leverages the Polkadot ecosystem to offer the required privacy layer for the crypto sphere. The privateness protocol aims to guard anonymity for all the DeFi stack on the Polkadot.

To achieve higher participation during the testnet, Raze Network is organizing a number of events, competitions, and challenges to encourage participants to actively test critical components of our ecosystem. Specifically, we will airdrop 1,000 $RAZE tokens to 10 lucky voters based on how many entries they generated to vote for the best UI style.

$RAZE is set to be the lifeblood of the Raze Network, designed as a utility token to represent participation in the ecosystem.

The launch of Raze Network’s UI testnet comes on the heels of several other recent milestones, including a robust set of developer resources and partnerships that continues to expand.

Just in April, we announced the strategic listing of Raze token on the popular DeFi platform, Uniswap. This listing closely follows our completed triple IDO event on three launchpads.

Interestingly, apart from going live on DEX exchanges, $RAZE tokens will also soon be listed on several tier-1 centralized exchanges.

This networked testnet release allows Raze to continue working with our partners towards the mass adoption of decentralized applications and smart contracts.

Since its inception, Raze Network sought to develop an infrastructure that is easy to understand and smooth to navigate. One where even new users can reap the benefits of a cross-chain middleware solution for anonymous transactions, payments trading, and mining.

Although the token launch is done, the real work starts. Most recently, we have completed the development of mint, transfer, and redeem contracts in Solidity. Currently, we are testing how to deploy these contracts on EVM.

Also, the major front-end and client modules that can invoke the aforementioned contracts have been developed.

About Raze Network

Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zk-SNARKs to the Zether framework to build a second-layer decentralized anonymous module.

It will then be imported as a Substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.

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Source: https://cryptopotato.com/raze-network-kicks-off-testnet-phase-with-ui-community-voting/

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First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

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Coinbase’s mobile application has become the most popular app on iOS in the US. With its rise to the top, it has surpassed some highly utilized applications like TikTok, YouTube, Instagram, Facebook, and more.

Coinbase Tops US iOS Chart

According to data from SensorTower, the mobile application of the largest US crypto exchange has taken the first spot in terms of the most popular free apps on iOS in the country.

The app enabling users to buy, sell, or simply hold various digital assets has climbed with several spots in the past few weeks.

As of writing these lines, TikTok – the Chinese video-sharing social networking giant that saw the light of day in 2016 takes the second spot.

Further down the list is YouTube, followed by other social media giants like Instagram and Facebook. Interestingly, Robinhood’s app is not even in the top ten. The iOS application of the financial services company takes the 12th spot.


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It’s worth noting that the top 50 free iOS applications have two Coinbase representatives. The exchanges’ wallet app is the 46th most popular application, which places it ahead of Uber, Google Drive, and Microsoft Teams.

Coinbase’s Rise

Taking the aforementioned first spot only validates Coinbase’s popularity boost in the past year or so. The company took full advantage of the ongoing crypto bull market, which has seen prices exploding.

Consequently, the firm reported a massive increase in terms of user base, volume, and revenue in the first quarter of 2021.

These impressive results came shortly before Coinbase became a publicly traded company. As CryptoPotato reported in mid-April, the firm’s shares (COIN) launched on the giant US exchange – Nasdaq.

Although some of the early backers sold off their stocks and prices suffered in the month that followed, Coinbase only intensified its aggressive expansion. In the latest endeavor, the firm agreed to acquire Skew – the popular crypto analytics company.

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Source: https://cryptopotato.com/first-spot-coinbases-app-surpassed-tiktok-instagram-and-facebook-on-ios-in-the-us/

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