Banks will use cryptocurrencies sooner than you think

Banks will use cryptocurrencies sooner than you think. Here is the authoritative thought of the ex manager of JP Morgan, Amber Baldet.

Le banks? They will begin to use and trade the cryptocurrency sooner than you can think. Or, at least, so Amber Baldet, former manager of JP Morgan, which unveiling its new start-up (Clovyr) last week, has returned to talk about criptomonete and, above all, of blockchain.

JP Morgan's former manager specifically said that major banks - just like his former employer - could enter the business of criptovaluta so imminent.

"I think the right time is coming sooner than people are probably thinking," Baldet told CNBC - "But even where there is a current will, it is still necessary to deal with a demanding legal and regulatory framework" .

Despite the profits of record Bitcoin investors, with a rise of 1.300 per cent in one year, most banks have taken a skeptical attitude towards this asset. And only in recent times a big like Goldman Sachs reported to be setting up its first bitcoin trading operation.

However, one of the biggest challenges is not so much the structuring of a trading offer, but the safekeeping of cryptocurrencies. At the moment, he said Baldet, financial institutions have little means of safeguarding a company's digital assets, although some solutions are being announced.

The global investment bank Nomura, headquartered in Japan, has for example declared the opening of a housing offer while the exchange Coinbase has also announced a fleet of new offers that also includes a custody solution, not only aimed at institutional investors (which however seem to be the main recipients of this proposal).

As for the projects based on blockchain technology, Baldet admitted that "there is no way to find out what's out there right now, we can't use Google to find applications".

Baldet, who was placed on the list of 40 of the most influential young people in the business world, led JP Morgan's Blockchain Center of Excellence. It played a key role in establishing the bank's corporate blockchain strategy and its flagship project, Quorom.

JP Morgan developed its blockchain technology two years ago to be able to exploit it in clearing and settlement services for derivatives and cross-border payments, but Baldet said that in reality it can be used in all sectors. "It is an open source project, it is completely independent of any sector," he concluded.