The world's biggest banks have been closely monitoring the development of the cryptocurrency market and technologies related to it for quite a long time. Digital cash raises curiosity among market participants since its appearance. Over the years, virtual assets remain a hot topic for debate and of interest to investors.

Nowadays, even major regulators test the water when it comes to the implementation of cryptocurrencies in the financial system. Commercial banks do not lag behind trying to take the dominant position in the crypto market. US-based JPMorgan Chase has every chance to win the race for the leading financial intuition in this field. Notably, such plans came as a surprise for market participants. A few years ago, CEO and Chairman of the Board of Directors, James Dimon, who is rightly called a financial genius, lashed out at crypto assets calling bitcoin a fraud that would eventually blow up. “If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars. So there may be a market for that, but it would be a limited market,” he said.  It appears that Mr. Dimon has recognized blockchainˈs potential in the future of the global financial system. JPMorgan has already launched a blockchain platform, Quorum, used by several financial enterprises to keep track of financial data. This is why JPMorgan Chase seems like a suitable candidate to obtain leadership in this field.

Importantly, many market participants took Damon's statement as a guide to action. Despite questioning Bitcoin’s legitimacy, Dimon acknowledged the importance of digital cash. Not long ago, the bank introduced its own digital token for real-world use. Thus, in the future, the bank will only strengthen its position as a US crypto bank.