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Tuesday, March 21, 2023

JP Morgan creates a cryptocurrency and artificial intelligence laboratory

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The largest investment bank in the US, announced the opening of an innovation lab in Athens, Greece, focused on blockchain, artificial intelligence (AI) and cryptocurrencies.

JP Morgan, one of the world’s largest investment banks, has created an innovation lab focused on blockchain, artificial intelligence, and cryptocurrency.

“That JP Morgan has decided to dedicate resources to the research and development of cryptocurrency-related technologies shows that this industry is gaining legitimacy and acceptance in the traditional financial world. The laboratory focused on blockchain, artificial intelligence and cryptocurrencies, indicates that JP Morgan warns about the potential of cryptocurrencies, as a financial asset and the technologies that support them”, Explain Justina Di Bastiano, Creative Director of South American Miners (SAM), one of the local references in the crypto world.

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The lab will aim to develop payment capabilities in support of Onyx, the bank’s decentralized finance (DeFi) platform, and will provide research and development (R&D) services in these areas to payment companies worldwide.

For the crypto industry, the creation of this laboratory represents a great opportunity to accelerate the development of technologies that allow the mass adoption of cryptocurrencies. Investment and support from a major financial institution like JP Morgan can have a ripple effect on cryptocurrency innovation and adoption around the world.

“But although the news is positive, it is also necessary to take into account that decentralization is one of the fundamental principles of cryptocurrencies, especially Bitcoin. Therefore, any attempt by banks or other financial institutions to take control of cryptocurrencies may be detrimental to their future. If banks take majority control of the crypto market, this could undermine the decentralization and independence that makes cryptocurrencies unique.Di Bastiano said.

Bitcoin and other cryptocurrencies emerged as a response to the 2008 financial crisis, when trust in the traditional banking system was severely compromised. The idea behind cryptocurrencies is to allow direct financial transactions, without intermediaries and without the need to trust third parties to verify and process the transactions.

Source: Ambito

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