JP Morgan’s Pinto Keeps an Open Mind on Crypto

JP Morgan Open Mind about Crypto

Jerry Pinto, JPMorgan co-president, is adapting a neutral attitude towards and cryptocurrency in general.

The banking giant is presently working on a peer-to-peer payments network using distributed ledger technology (DLT), such as blockchain, for intra- and inter-bank transactions.

In a CNBC interview, he answered when asked about cryptocurrency as an opportunity for his company,

“We are looking into that space. I have no doubt that in one way or another, the technology will play a role. “

On his competitors already getting involved in trading digital currencies,

” I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. “

He further indicated that

“cryptocurrencies are real but not in the current form.”

Pinto, 55, an Argentinian who “joined” JP Morgan as a Buenos Aires currency trader in 1983 is no stranger to volatile emerging markets. In 2014, after going up the corporate ladder, he got the top post in JP Morgan’s corporate and investment bank. He is currently co-president with Gordon Smith and are in line to succeed long-time CEO, Jamie Dimon.

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