Most of the crypto assets in the market are insignificant and the actual use cases of digital currencies are underdeveloped. This view was voiced by the head of the blockchain division of JPMorgan Umar Farouk.

He noted that during the Green Exiles, regulated by the Monetary Authority of Singapore, regulation is lagging behind the growth of the industry. This deters many traditional financial institutions from participating in the market.

“Most cryptocurrencies are still garbage, really. I’d say apart from a few dozen coins. “The noise or obviously anything else mentioned will go away,” said Farouk.

CEO Onyx also believes that the technologies of the crypto industry are not mature enough to be used in the crypto industry. trade. For example, for making high-value transactions between institutions or host products such as tokenized bank deposits, Farouk explained in detail.

“You need all of these to mature in order to make a product with them. Now we haven’t gotten to that yet. “Most of the money in the existing infrastructure on Web3 today is used for speculative investments.”

Recall that in October 2020, JPMorgan revived the JPM Coin stablecoin project and created an Onyx division with approximately one hundred employees under the leadership of Farouk.

In March 2021, the financial holding opened more than 50 vacancies related to blockchain. Four months later, JPMorgan has further expanded its recruitment technology professionals.

In April, JPMorgan CEO Jamie Dimon acknowledged the value of blockchain and DeFi-apps.

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