An online event by Forbes called “2021 Blockchain 50 Symposium: Crypto Goes Corporate” was held in which a special discussion session named “Buying with Bitcoin” was also conducted.
The session was led by Forbes Editor Michael del Castillo with invited executives that included CEO of JP Morgan: Umar Farooq, VP and Crypto head at Visa: Cuy Sheffield and Program Director of ledger tech at ING: Mariana Gomez. The session focused on discussing the current state of the Crypto Market, Bitcoin and Stablecoins.
The executives were asked about any changes that Bitcoin has experienced since 2014, to which all three replied that the crypto giant is still used as a means of storage and has no other unique features that separate it from the others and provide users with unique trading opportunities.
Both Cuy Sheffield and Umar Farooq pointed out that the integration of Bitcoin by companies such as PayPal is more of a marketing strategy than an actual supportive motive. Adding to that, Umar Farooq also said that the Volatility and tax association of Bitcoin have led to a very complex payment system, which users mostly look to avoid. Mariana Gomez highlighted that Bitcoin is still an investment because of issues like transaction fee and thinks that Bitcoin isn’t being used anymore.
Explaining JPM Coin and ConsenSys
Umar Farooq mentioned the digital currency JPM Coin, assuring users that it is not a cryptocurrency. Farooq explained that JPM Coin was only created to meet the requirements of certain corporate clients. He said that those specific clients want digital currency trading means, regardless of it being decentralized, so JMP Coin is only focused on covering their needs rather than compete with any other types of currencies.
Furthermore, Farooq also explained the $65 Million investment in ConsenSys. Farooq said that JP Morgan is helping out ConsenSys to upgrade their blockchain network, giving life to DeFi opportunities and Web 3.0 apps on Ethereum. Continuing his explanation, Farooq said that even though JP Morgan built the ConsenSys Quorum platform on Ethereum, the main goal is to enable JP Morgan’s blockchain to be constructed around the network that ConsenSys has.
Stablecoins, enabling Payment Flexibility
Discussing Stablecoins, all three guests gave importance to the functionalities of stablecoins, saying that stablecoins are a great way to complete international transactions as long as the regulations favour both sides. It will also provide solutions that will help many startups to build a strong foundation for themselves.