America’s banking giants, such as JPMorgan and Citi, are exploring ways to implement crypto technology and spark a potential $5 trillion industry. Ryan Rugg, Citibank’s Digital Assets representative, detailed how blockchain applications can offer “always-on” operations and allow quicker transactions compared to today’s “T+2” or “trade plus two days” system. With the new upgrades, Wall Street could further its consolidation and meet this projection of $5 trillion asset tokenization on blockchains by 2030.
JPMorgan launched their business unit Onyx in 2020 and already administered $700 billion worth of short-term loans with encryption-based trail systems. Onyx’s Chief Executive Officer has been adamant on the possibility of seeing a financial makeover due to blockchain’s capabilities. Furthermore, BlackRock’s CEO, Larry Fink, pointed out the revolutionizing power of cryptocurrency and tokenization.
