JP Morgan actively invest in bitcoin and Robotics

JP Morgan actively invest in bitcoin and Robotics

[Abstract] “Google is coming”, if the banks do not act, technology companies will take away the banking business.

According to an internal memo BI see, JP Morgan is “actively” investment chain block (blockchain) and the next generation of robot technology, investment in this area is the “main focus” of the company in 2016.

JP Morgan business corporate and investment banking director Daniel Pinto (DanielPinto) a note sent to employees that lenders want its $9 billion investment will continue to be used for technical field in 2016.

Block chain, big data and robot are JP Morgan’s investment focus. At the urging of the R & D team is accelerating the development of “market leading platform”, but what is Morgan chase no detailed description of these platforms to.

The following is a memorandum from JP Morgan:

“In 2016, one of our main focus will be to actively explore innovative technology, this is what we have in the field of investment. R & D team this year has made important progress, next year the company will give them more autonomy, let them develop market leading platform. We also set up a special research team block chain technology, big data applications and robot technology.”

Blockchain is bitcoin software technology, the technology of using complex encryption algorithm and distributed – General Ledger transaction records in multiple locations, to regulate, record and ensure the use of bitcoin transactions.

At present, if you use the pound, dollar or RMB payment, the bank will contact with other banks, allowing them to update the account balance. At the end of the day, the bank will conduct a large-scale transfer of funds through an intermediary, to ensure that each account balance is correct.

If you use the block chain technology, all of these troubles are not exist — you put the money directly to the other side of the electronic wallet.

The banks of the future application technology in the field of traditional financial services is very excited. The use of bitcoin blockchain, or a similar system, will allow banks to enjoy the benefits of the blockchain in business.

JP Morgan has been trying to block the chain into the mainstream financial industry, it is the first collaboration with R3 bank. R3 is a specially convened banking industry with the development of the blockchain industry standard start-ups. There are 42 banks in the call of R3.

On Thursday, the non-profit foundation also announced that Linux software organization is willing to make joint efforts to promote the development of block chain technology, its partners also include JP Morgan.

Pinto in its employees notes express “for your outstanding work of perception and appreciation, said the 2015 witnessed the banking industry” major changes “and JP Morgan’s development, this is due to the investment and attention are constantly strengthen.

He then said:

“As the industry leader, we want to promote the development of industry change, rather than follow the flow changes, therefore, we have been talking to some of the well-known technology companies and promote the development of science and technology with the start-up of the collaboration lofty ideals and high aspirations.”

JP Morgan had invested P2P lending platform Prosper and mobile payment startup Square.

Pinto memo with JP Morgan CEO Jamie Damon (JamieDimon) is proposed to shareholders in April of this year’s annual letter warning echoes.

Mr Dimon said, “Google (micro-blog) is coming”, if the banks do not act, technology companies will take away the banking business.

Mr Dimon wrote: “there are now hundreds of sufficient funds, a galaxy of talents startups in alternative of the traditional banking business.”

“You have heard most often startups are engaged in lending business, the company believes that the use of big data so that they can effectively help them credit review.”

“They are very good at reducing the audit procedures, they can grant loans in a few minutes, and we need a couple of weeks. We will strive to make our service become with them as seamless and competitive. We will cooperate in the areas of need, so we will not feel the pressure.”

“Rest assured, we carried out and detailed analysis of our competitors, we learn from them, to develop their own strategies.”


The former Barclays CEO Anthony Jenkins (AnthonyJenkins) warned earlier this year, the banking sector may be subject to “Uber” are both like the taxi industry, resulting in large layoffs. Such signs are beginning to emerge this year: 11 banks a total of 11% layoffs.

Analysis of the “Financial Times” of the show, this year the financial sector layoffs of nearly 100 thousand people, this figure is just announced layoffs of 11 banks and the number of employees 10%. However, because many banks layoffs is customer demand and reduce the cost pressures.

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