American financial holding company JPMorgan Chase & Co. has issued a new report in which the financial conglomerate admitted that the blockchain technology has become the foundation for digital currency and fast payments, Bloomberg has learned.
In the 74-page report, JP Morgan pointed out that 2019 would be remembered as the year of the digital money rise.
"The groundwork is now in place for more mainstream adoption of blockchain technology at the same time that the foundation is being established for the development of digital currency and fast payments," the bank said.
The financial conglomerate also said that the fail release of Facebook’s cryptocurrency Libra serves "as a reminder that rapid adoption faces practical challenges to attain scale."
In order to succeed, Libra will need several suck market mechanisms in place as "short-term liquidity facilities, a source of positive-yielding collateral and less distributed, semi-private networks."
Earlier iHodl reported that JP Morgan Chase's blockchain-focused department Quorum is planning to merge with crypto-startup ConsenSys.
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