Most crypto will “go away”, JPMorgan’s blockchain lead claims

08/29 23:46

According to Forkast, Umar Farooq, Chief Executive Officer of JPMorgan’s blockchain unit, said at the Monetary Authority of Singapore’s Green Shoots seminar on Monday that excluding a few dozen tokens, most cryptocurrencies are bound to “go away”. The financial industry has been slow in catching up with tokenized deposits because regulation has not caught up and there are not many use cases, Farooq claimed, adding most of the capital in the Web3 ecosystem is for speculative activities. The bank’s blockchain lead said regulatory conditions need to clarify risks involved in large transactions in tokenized deposits.
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