While Jamie Dimon, CEO of JPMorgan Chase, has long been one of Bitcoin’s most vocal critics, the financial giant he leads has quietly built one of the most advanced blockchain operations in the world. Despite public condemnations of cryptocurrency as a tool for crime and speculation, JPMorgan’s blockchain division, Onyx, now boasts over 300 employees—a 300% increase in just three years—and its proprietary digital token, JPM Coin, facilitates over $1 billion in daily transactions.
This paradox—public skepticism paired with aggressive internal innovation—reveals a deeper truth about the future of finance: even the fiercest critics of crypto cannot ignore the transformative power of blockchain technology.
The Public Enemy of Bitcoin, the Private Champion of Blockchain
Jamie Dimon’s disdain for Bitcoin is well-documented. As far back as 2014, he dismissed BTC as a “poor store of value.” In 2017, he famously threatened to fire any employee caught trading Bitcoin. More recently, during a U.S. Senate Banking Committee hearing, he doubled down:
"I’ve been against cryptocurrencies, Bitcoin, all that. The only real use they have is for criminals, drug dealers, money laundering, tax evasion. If I were running the government, I’d ban them."
Yet behind closed doors, JPMorgan has been investing heavily in blockchain infrastructure. According to insiders cited by DLNews, Dimon is not only supportive of blockchain development—he is personally interested in DeFi (decentralized finance) and sees long-term strategic value in distributed ledger technology.
This duality isn’t hypocrisy; it’s pragmatism. As Noelle Acheson, a crypto and macroeconomics analyst, explains:
"For many in traditional finance, it’s difficult to reconcile Bitcoin as both an asset and a technological breakthrough. But you don’t have to believe in the former to recognize the potential of the latter."
Dimon may reject Bitcoin’s legitimacy as money, but he clearly understands that blockchain is reshaping how value moves across borders and institutions.
Onyx: JPMorgan’s Hidden Blockchain Powerhouse
Launched in 2020, Onyx is JPMorgan’s dedicated blockchain and digital assets division. What began as a small innovation lab has grown into a full-scale operation with around 300 specialists—engineers, product managers, compliance experts, and financial architects—all focused on reimagining global payments and asset settlement.
The growth reflects a broader shift within Wall Street: from cautious experimentation to institutional-scale adoption of blockchain-based systems.
Onyx operates across four core business lines:
- JPM Coin System: Enables instant settlement of payments between institutional clients using a dollar-pegged digital token.
- Onyx Digital Assets: Facilitates issuance, custody, and clearing of tokenized securities and other digital assets.
- Liink Network: A permissioned network connecting banks and financial institutions for secure messaging and payment tracking.
- Project Guardian: Collaborative initiative with central banks exploring interoperable tokenized asset frameworks.
This structure allows JPMorgan to innovate within regulated boundaries while laying the groundwork for future financial infrastructure.
JPM Coin: $1 Billion in Daily Volume and Counting
At the heart of Onyx’s success is JPM Coin, a private, permissioned stablecoin pegged 1:1 to the U.S. dollar. Unlike public cryptocurrencies such as Bitcoin or Ethereum, JPM Coin runs on a closed blockchain network accessible only to verified institutional clients.
Originally designed for B2B transactions—allowing large corporations and financial institutions to instantly settle payments held at JPMorgan—the system eliminates delays associated with traditional banking rails.
As Takis Georgakopoulos, Global Head of Payments at JPMorgan, confirmed in October:
"JPM Coin is now processing over $1 billion in transactions per day, primarily in U.S. dollars. We’re seeing strong demand and plan to expand its use cases further."
Even more ambitious is the forecast shared by Umar Farooq, Global Head of Onyx Digital Assets, during the Singapore Fintech Festival in November:
"We expect JPM Coin’s daily volume to grow five to ten times within the next 12 to 24 months—potentially reaching $10 billion per day."
That would place JPM Coin among the most active digital asset networks globally—rivaling even some major public blockchains—in terms of transaction throughput.
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Why Institutions Love Permissioned Blockchains
The rise of JPM Coin underscores a key trend: enterprises aren’t adopting public blockchains—they’re building their own.
Public networks like Ethereum offer decentralization and transparency but come with regulatory uncertainty, scalability issues, and lack of control. In contrast, permissioned blockchains like JPMorgan’s offer:
- Regulatory compliance by design
- Controlled access and identity verification
- Faster settlement (often real-time)
- Interoperability with legacy banking systems
These advantages make them ideal for banks, multinational corporations, and central banks looking to modernize without compromising security or oversight.
In fact, several central banks are now exploring similar models through Central Bank Digital Currency (CBDC) pilots—many of which draw inspiration from early movers like Onyx.
FAQ: Understanding JPMorgan’s Blockchain Strategy
Why does Jamie Dimon hate Bitcoin but support blockchain?
Dimon distinguishes between speculative assets like Bitcoin and the underlying technology. He views Bitcoin as volatile and prone to misuse, but recognizes that blockchain can streamline payments, reduce costs, and improve transparency in finance.
Is JPM Coin available to the public?
No. JPM Coin is only accessible to institutional clients of JPMorgan Chase, such as large corporations, banks, and asset managers. It is not a consumer-facing cryptocurrency.
How is JPM Coin different from other stablecoins like USDT or USDC?
JPM Coin operates on a private, permissioned blockchain and is used exclusively within JPMorgan’s network. Unlike public stablecoins, it is not tradable on crypto exchanges and serves specific B2B settlement purposes.
Can JPM Coin become a global payment standard?
While unlikely to replace public cryptocurrencies or CBDCs globally, JPM Coin could become a de facto standard among major financial institutions for cross-border settlements—especially if adopted by other tier-one banks.
Does JPMorgan plan to launch its own public cryptocurrency?
There are no indications that JPMorgan plans to issue a public or decentralized cryptocurrency. Its focus remains on regulated, enterprise-grade applications of blockchain technology.
How does Onyx impact the broader crypto market?
Onyx validates the utility of blockchain beyond speculation. By demonstrating real-world use cases in payments and asset tokenization, it accelerates institutional confidence in digital assets—even among skeptics.
👉 Explore how blockchain is being used beyond crypto speculation—in real banking and finance.
The Future of Finance Isn’t Public or Private—It’s Hybrid
JPMorgan’s journey illustrates a new phase in financial evolution: the hybrid model, where traditional institutions leverage blockchain’s efficiency while maintaining control and compliance.
While Jamie Dimon may continue bashing Bitcoin on stage, his company is building the infrastructure that could one day make decentralized finance mainstream—just on Wall Street’s terms.
As blockchain adoption grows across banking, supply chains, and capital markets, the line between “old finance” and “new finance” will blur. And leaders like JPMorgan won’t need to endorse Bitcoin to profit from its foundational technology.
The message is clear: you don’t have to love crypto to build the future of money.
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