Jamie Dimon, the CEO of JPMorgan Chase, left no chance to criticize facebook’s crypto project in very limited words. In his speech delivered at the Institute of International Finance conference on Friday, Dimon described Libra as a “neat idea that will never happen.”
The CEO stated that the idea behind the stablecoin is not particularly unique and turned the radar of focus to his firm’s coin, the JPM coin. The coin already has three early applications, as reported by the head of the company’s blockchain projects, Umar Farooq.
The applications are for cross-border payments for large corporate clients, which currently rely on wire transfers presented by networks like SWIFT, securities transactions, and usage in JPMorgan’s treasury services business to replace the funds that firms hold in various subsidiaries across the world. Dimon unveiled the expense of $11 billion JPMorgan has paid for tech development in the year 2019.
Also, in his earlier statements, Dimon quite mocked Libra stating that it poses no threats in the future as it is uncertain that the coin will come into execution. “To put it in perspective, we have been talking about blockchain for seven years, and very little has happened. We are going to be talking about Libra for three years from now.”