Digital assets are "here to stay," and they look like Napster in the 90s, claimed Onyx's CEO Umar Farooq.
Umar Farooq – Chief Executive Officer of JPMorgan’s digital asset unit Onyx – put his name next to those who believe the cryptocurrency industry is “here to stay.” He also opined that bitcoin has started evolving since it was “kind of rolling along slowly” during its first years of existence.
Crypto Nowadays Is Like Napster in The 90s
Speaking of cryptocurrencies and their merits, Mr. Farooq seems to have an entirely opposite opinion than Jamie Dimon – the Chief Executive Officer at JPMorgan & Chase. Unlike the CEO, the former thinks that digital assets are not a temporary trend that is going away. He is just not aware in what shape or form they will exist in the near future.
Farooq compared the current evolution of the space with the audio streaming service provider Napster. Many consider that the software, which was operating in the 90s, was the stepping stone for giant companies like Apple Music and Spotify:
“And then 20 years later, you have Apple Music and Spotify. I don’t think we would have gotten here without Napster. We are sitting in the Napster age. We just don’t know what Spotify looks like.”
Onyx’s Chief Executive touched upon bitcoin, too. In his view, the primary digital asset has been in a cognitive mode during its first 13 years of existence. However, the tides have turned recently, and now more people realize BTC’s merits:
“Bitcoin has been around for a little more than a decade now. The first few years was literally just, you know, kind of rolling along slowly, then things started to catch up.”
Umar Farooq, Source: Euromoney
JPM Coin’s Expansion
Nearly two years ago, the US multinational bank said it would roll out a digital payments system called JPM Coin, while the blockchain unit controlling the project is the aforementioned Onyx.
Last week, the Central Bank of Bahrain (CBB) successfully completed a test of JPMorgan’s digital currency. This was the first trial of its kind for the blockchain product in that part of the world.
The experiment involved two other entities: Manama-based Bank ABC and Aluminium Bahrain – the first aluminum smelter in the Middle East, more popular as Alba. The former successfully initiated real-time payments to the latter utilizing the JPM Coin.
Ali Mousa – CEO of JPMorgan Bahrein – said Onyx is “committed to spearheading the construction of the next generation of clearing and settlement infrastructure.” The trial’s success would be beneficial for JMP Coin’s further development in the future, he concluded.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
