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CEO Of Onyx by JP Morgan Says Crypto Is Still In Its Infancy
Summary: Umar Farooq, head of Onyx, JP Morgan's blockchain and crypto unit, said in an interview with British media Financial News that the crypto market is still in its infancy. Farooq compared the development of crypto with audio streaming, peer-to-peer file-sharing service Napster was all the rage in the late 90s but ended in 2002. Farooq said ...
Umar Farooq, head of Onyx, JP Morgan's blockchain and crypto unit, said in an interview with British media Financial News that the crypto market is still in its infancy.
Farooq compared the development of crypto with audio streaming, peer-to-peer file-sharing service Napster was all the rage in the late 90s but ended in 2002. Farooq said that cryptocurrency is not going away, but he has a hard time predicting what it will look like in the “Spotify” era: "We are sitting in the Napster age. We just don't know what Spotify looks like. So, I think [crypto] is here to stay. I just don't know in what shape or form."
Early this month, The Central Bank of Bahrain has teamed up with Onyx to test JPM Coin digital currency.
By Mary Liu
Tags: Crypto,JP Morgan,Onyx,Umar Farooq
Link: CEO Of Onyx by JP Morgan Says Crypto Is Still In Its Infancy [Copy]
