Umar Farooq, the head of JPMorgan’s digital assets department, claims that the majority of crypto assets on the marketplace are “junk” and that actual crypto use cases remain underdeveloped. On August 29, Farooq said at a roundtable discussion at the Monetary Authority of Singapore’s Green Shoots Seminar that regulation has not yet kept up with the expanding industry, which prevents many traditional financial (TradFi) institutions from participating. He stated, “Most of crypto is still junk, actually. I mean, with the exception of, I would say, a few dozen tokens, everything else that has been mentioned is either noise or, frankly, is just gonna go away. So, in my mind, the use cases haven’t arisen fully, and the regulation hasn’t caught up, and I think that’s why you see the financial industry, in general, being a little bit slow in catching up.” Industry Has Not Developed Substantially The JPMorgan executive further claimed that the industry lacks sufficient development to be used at scale to support high-value “major transactions” across TradFi institutions or to host products like tokenized deposits. Farooq asserted that at this point, crypto, blockchain, and the Web3 movement are merely serving as a platform for wild speculation. “You need all of those things to mature so that you can actually do things with them. Right now, we’re just not there yet. Most of the money that’s being used in Web3 today, in the current infras...
XRP Price Prediction For 24 November
