As soon as JP Morgan’s Umar Farooq uttered the words ‘most crypto is still junk’, the Monetary Authority of Singapore (MAS) event where he was speaking was guaranteed a clickbait headline. Just not the ones the panelists wanted. But Farooq, who heads the bank’s Onyx blockchain unit, said quite a bit more and was pretty balanced, despite the headline.
He started off with, “When you look at web3, when you look at what the framework and what the runway of this thing can be someday, it would be quite shortsighted for financial institutions not to be heavily involved with this technology.”
Farooq also revealed that the bank’s JPM Coin tokenized money infrastructure processes a billion dollars of delivery versus payment (DvP) settlement daily.
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