JPMorgan's Balancing Act Between Blockchain and Crypto

Multinational investment bank JPMorgan Chase has had a chequered relationship with cryptocurrencies over the years.

Blockchain technology underpins the existence of cryptocurrencies, which have multiplied in number and applications since Bitcoin was birthed in 2009.

It is worth taking a trip down memory lane to understand the juxtaposition between the company's attitude toward cryptocurrencies and blockchain technology.

As cryptocurrencies endured a humbling correction in the months after Bitcoin's all-time high in December 2017, JPMorgan - among other banks - stopped processing cryptocurrency purchases with its credit cards, citing the volatility of the markets.

It is understood that Harris' position would not involve the trading of cryptocurrencies, but rather investigating the use of cryptocurrency and blockchain services that could benefit JPMorgan's processes.

JPMorgan CEO Jamie Dimon has long been a harsh critic of Bitcoin and cryptocurrencies.

The JPMorgan CEO went as far as threatening to fire employees that were offering to trade cryptocurrencies on behalf of their clients.

Dimon went as far as saying he wouldn't make any more comments on Bitcoin, with JPMorgan adopting an 'open-minded' approach to cryptocurrencies.

As previously mentioned, the company's CIO Lori Beer has painted a more accurate picture of the company's stance on blockchain technology and cryptocurrencies.

The CIO also said that JPMorgan is 'evaluating' the current state of the cryptocurrency space, while making it clear that it would only support regulated markets and currencies.