During a session at the Coindesk Consensus event, the digital asset leaders at JP Morgan and Citi discussed the status and advantages of digital currency and blockchain bank accounts. Citi’s Ryan Rugg said its clients want always on, multi bank and cross border access to money. Umar Farooq, who heads Onyx by JP Morgan, argued that the current system isn’t broken but has limitations.
“One of the macro limitations is silos. So money is in a silo, securities are in a silo, commodities (are in a silo). You can just go across asset classes, everything lives in its own silo. And those silos don’t easily talk to each other. That’s why a lot of the settlement might take a day or two or longer,” said Mr Farooq.
He added, “It’s probably less about fixing the problems of today but enabling the use cases of tomorrow.”
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