JPMorgan’s CEO Jamie Dimon, who once called Bitcoin a “fraud,” has shifted his stance and is now making bold moves in the blockchain space. The bank issued a U.S. dollar deposit token on a public blockchain, allowing instant transfers 24/7. This move signals JPMorgan’s entry into the digital asset space, separate from stablecoins like USDT and USDC.

The new deposit token, JPMD, offers institutions a yield-bearing alternative to stablecoins. This innovation could potentially generate millions in annual interest for financial firms like Coinbase and Mastercard. Despite the current crypto selloff, JPMorgan’s disruptive blockchain moves indicate a bullish outlook on the future of digital assets.

As Bitcoin and other cryptocurrencies face significant price corrections, JPMorgan’s strategic shift towards blockchain technology suggests a belief in the long-term potential of digital assets. With JPMD paving the way for institutional use, everyday bank customers and credit card users could also benefit from these advancements. Investors should take note of JPMorgan’s proactive approach amidst market volatility.

Read more at Yahoo Finance: Jamie Dimon Once Called Bitcoin a ‘Fraud.’ Now, JPMorgan Is Quietly Making Blockchain History and Betting This ‘Crypto Winter’ Will Be Short-Lived.