Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. JPMorgan Chase (NYSE:JPM) has to smartly integrate blockchain technology and AI if it is to remain relevant, CEO Jamie Dimon says. "A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization," Dimon said in his annual letter to shareholders on Monday.
"Our ongoing success will be based on our ability to wisely invest and move very quickly and nimbly, especially around product design and rollout, including incorporating [AI] in everything we do." Traders Are Flocking to Direxion ETFs — Targeting Tesla and Elon Musk's Market Moves Discover How AI Can Turn Your Investment Ideas Into Tradable Assets — See How While JPMorgan's core business will remain the same, how services are delivered will likely evolve with the integration of blockchain technology and AI, Dimon said. One of the immediate targets Dimon set for JPMorgan is the rollout of its blockchain. JPMorgan launched its proprietary Onyx blockchain platform in 2020, which rebranded to Kinexys in 2024.
The company also disclosed its JPM Coin deposit token in 2019. The bank has also waded into tokenization on public blockchains, launching a tokenized money market fund on Ethereum in December. Tokenization, particularly, has become one of the hottest buzzwords on Wall Street over the past year.
Amid softening and clearer guidance on cryptocurrency and blockchain adoption, several institutions have jumped on the bandwagon, citing the potential for near-instant settlement, lower costs, greater transparency and round-the-clock trading. Trending: You Saved for Retirement — But Do You Know What You'll Keep After Taxes? BlackRock Inc. (NYSE:BLK) CEO Larry Fink in December described tokenization as "the next major evolution in market infrastructure." Meanwhile, beyond blockchain technology and tokenization, Dimon may also be growing optimistic about cryptocurrencies.
He called cryptocurrencies "real" while speaking at the Future Investment Initiative summit in Saudi Arabia last October. The remarks mark a significant shift from his previous stance that cryptocurrencies lacked intrinsic value. As Wall Street moves toward tokenization and AI-driven investing, platforms like Public are giving everyday investors access to stocks, ETFs, and new tools designed to help them engage with evolving market trends.
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