Caitlin Long: "JP Morgan bypassed Goldman Sachs in the cryptocurrency market" – Bits Media

A banker with 20 years of experience in Credit Suisse and Morgan Stanley counts, that the indecision of Goldman Sachs allowed JP Morgan to get around the competitor. However, everything will change soon.

Founder of the startup Custodia Bank (Earlier Avanti Financial) Caitlin Long (Caitlin Long) In the podcast for Decrypt explained, Why one investmentbank went around the other cryptocurrency market:

"Goldman Sachs in the first years of the appearance of cryptocurrencies was a bank, The most open for innovation. From a cultural point of view in Goldman there is something, which contributes to innovation, While I did not feel it in my previous banks ", - noted the former employee Credit Suisse and Morgan Stanley.

And yet, JP Morgan ultimately changed and became more open to cryptocurrencies, than Goldman, Long counts.

An experienced banker explained, that Goldman Sachs has repeatedly announced high -profile cryptocurrency enterprises, but then closed them. Because of this indecision, Goldman Sachs, Returned last year to cryptocurrency, and gave way to JP Morgan, which has been actively engaged in digital assets for many years.

The bank created a well -established cryptocurrency unit, which experimented with etherium and stablecoins - despite, what in 2017 year JP Morgan Director General Jamie Diamon (Jamie Dimon) called Bitcoin "fraud is worse, than tulip bulbs "and declared, that will fire any "enough stupid, to trade bitcoins ",

According to Long, Special irony in that, that JP Morgan created a team after, as the head of the bank condemned cryptocurrency.

"I think, Diamon understands, that the old system dies. And he will fight to death, because many banks cannot afford to do it, What he did, That is, hire hundreds of people and create your own cryptocurrency unit ".

Long said, that Goldman Sachs will surely catch up with JP Morgan in the cryptocurrency market thanks to its leader, But the competitor will not stand still. Wherein, What kind of cryptocurrency products are launched by large banks, them, probably, will have to compete not only with each other, but with competitors such as her own startup Custodia Bank. Startup provides financial instruments based on stablecoins to large companies.

The American JPMorgan investment bank really further than all banking organizations advanced in the cryptocurrency market. In February, he became the first large bank with an office in the metavselnaya - the JPMorgan branch was opened on the Virtual Reality platform of Decentraland.