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JPMorgan’s Farooq calls most crypto 'junk'
Umar Farooq, CEO of Onyx, JPMorgan’s blockchain unit, said at a seminar () held by the Monetary Authority of Singapore that the vast majority of cryptocurrencies on the market are "junk" with few actual application scenarios and will eventually disappear.
He added that many traditional financial institutions found themselves at a dead end when entering the crypto industry due to the lack of regulation.
Farooq also feels that most cryptoassets lack utility, with a few exceptions.
He further pointed out that the crypto industry is not yet mature enough to support high-value "formal tras*actions" between traditional financial institutions.
Instead, Umar Farooq believes that, at this stage, the vast majority of money in the Web3 ecosystem is being used for speculation.
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Umar Farooq, CEO of Onyx, JPMorgan’s blockchain unit, said at a seminar () held by the Monetary Authority of Singapore that the vast majority of cryptocurrencies on the market are "junk" with few actual application scenarios and will eventually disappear.
He added that many traditional financial institutions found themselves at a dead end when entering the crypto industry due to the lack of regulation.
Farooq also feels that most cryptoassets lack utility, with a few exceptions.
He further pointed out that the crypto industry is not yet mature enough to support high-value "formal tras*actions" between traditional financial institutions.
Instead, Umar Farooq believes that, at this stage, the vast majority of money in the Web3 ecosystem is being used for speculation.
Subscribe to Russian Market (Russian Market)