Banks have always acted very hostile toward Bitcoin and other cryptocurrencies. Even the underlying blockchain technology was widely considered to be a fad.
Today, the tune played by financial institutions is very different.
The Tune of JPMorgan is Very Different
So much even that the blockchain hype remains in full effect.
As far as JPMorgan is concerned, their sudden love for DLT has been well-documented in recent years.
One of the company’s spinoffs has now introduced its own hybrid blockchain solution.
Known as Kadena, it will focus on parallelized PoW consensus solutions to offer a higher throughput than Bitcoin.
A very interesting option to explore, especially given the bank’s negative stance toward Bitcoin for many years now.
In fact, JPMorgan tends to make negative headlines regarding cryptocurrency on a seemingly regular basis.
Exploring opportunities in the DLT industry makes a lot of sense, under the current circumstances.
Banks need to keep cutting costs wherever they can, thus revamping internal processes is the logical option to explore.
How Kadena will market its technology or attract customers, has not been communicated at this time.
It is certainly true that hybrid blockchains tend to offer a lot of benefits.
That doesn’t automatically mean that these projects will gain any form of mainstream traction, however.