Jamie Dimon noted at the Financial Markets Quality Conference that JPMorgan is one of the major users of blockchain technology, despite his long-standing skepticism of cryptocurrencies. JPMorgan uses blockchain to facilitate wholesale payment transactions through its private network Onyx and has processed over $700 billion in transactions. Dimon highlighted blockchain as an effective way to share data and build trust, and expressed respect for the technology.

Key Points

- Jamie Dimon noted that JPMorgan may be one of the largest users of blockchain.

- Dimon has long been skeptical of cryptocurrencies, but has shown respect for blockchain.

- JPMorgan's Onyx network focuses on wholesale payment transactions and has processed over $700 billion.

- Dimon once called Bitcoin a "pet rock" and considered cryptocurrencies "worthless."

- Despite this, Dimon acknowledged that blockchain is an effective way to share data.

- Dimon has reportedly been linked to a candidacy for a U.S. government role (Secretary of the Treasury).

- JPMorgan may not collateralize cryptocurrencies, but offers some related services.