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The Global Head of e-Commerce Solutions at JPMorgan Chase, Ron Karpovich, stated while talking for an interview that we are reading more about in our crypto news, that currently there is little competition of the market because of the growing partnerships between crypto disruptors and financial establishment regarding the payment space.

When he was asked about how the banking giant aims to compete with the disrupting cryptocurrency sector and emerging tech actors that use blockchain and cryptocurrencies so they will be able to provide the same services, Karpovich stated:

 “Ultimately behind the scenes, they [crypto innovators] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space. […] When it comes to margins and capabilities — payments is never something that grows in margin, nobody wants to pay for a payment. That’s one of the hardest parts of this process: you have limited resources in the capability to sell, so you need highly efficient and large players.”

Karpovich also stated that the blockchain technology could revolutionize the entire payments industry so that consumers won’t even notice the transformation as the technology will develop quickly into a cost-effective and efficient service.

When talking about the JPM Coin, JPMorgan Chase’s blockchain-powered cryptocurrency, Karpovich didn’t agree with the suggestion that this move by the banking giant is a huge u-turn in their stance on the crypto industry given that the CEO Jamie Dimon is a popular Bitcoin antagonist because of what he said:

 “I think there’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous versus using the technology to enhance your payments infrastructure. We look at the technology as being a means to doing things faster and cheaper: every CEO would like to make things faster and cheaper. So from that standpoint I think it represents a buy into the concept of using blockchain.”

He does believe that the decision to issue a cryptocurrency aligns with the initiatives at the bank and thinks that the bank could potentially become a huge player in the blockchain space because of their private blockchain platform Quorum and its Interbank Information Network.

The crypto community has mixed feelings about the JPM Coin. Some believe that this is a great moment for the crypto industry while others believe that it will close down the network structure and it will fragment the financial sector.