JPMorgan Co-President Daniel Pinto Weighs In On Cryptocurrencies
Co-President and Co-Chief Operating Officer since January 30, 2018, Chief Executive Officer of the Corporate & Investment Bank since March 2014, and Chief Executive Officer of Europe, the Middle East, and Africa since June 2011. Pinto had been the Co-Chief Executive Officer of the Corporate & Investment Bank from July 2012 until March 2014, prior to which he had been head or Co-head of the Global Fixed Income business from November 2009 until July 2012.
On May 16th Daniel pinto confirmed that the bank was considering bitcoin space claiming that it will play a role in the future.
Addressing CNBC more than two meetings, Pinto, who could be in line to succeed CEO Jamie Dimon, said that JPMorgan can trade Bitcoin for a future, however, has not yet opted to do so.
“We are looking into that space. I have no doubt that in one way or another, the technology will play a role,” he answered when asked about trading Bitcoin-based products.
“If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No.”
Pinto’s neutral stance proceeds with the big investment bank to somewhat mixed signals about Bitcoin in 2018.
In spite of banning clients from buying cryptocurrency using its credits, senior officials – including the once infamously bearish Dimon – have stood up about the advantages of both Bitcoin and blockchain technology.
Pinto, as well, sees the future of the economy incorporating aspects which were born with the standard entry of digital currency.
“The tokenization of the economy, for me, is real,” he proceeded.
“Cryptocurrencies are real but not in the current form.”
Earlier this month, cointelegraph announced that JPMorgan is working on blockchain integration and also filing a patent for real-time p2p interbank exchanges using this technology.