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Former JP Morgan Exec Says Banks Have Lost Out to Cryptocurrency

JP Morgan Chase

Salvador Casquero, a former executive for JP Morgan who worked as head of Scandinavian Interest Rates Trading, has recently declared that banks have lost out to blockchain technologies and cryptocurrencies.

“[Banks] are no longer the best providers for a specific product, tool or service in terms of both the producer and consumer. This occurred as the internet ushered in an age of disintermediation and transformed the way the world works into a peer-to-peer network,” said Casquero.

Casquero, who also worked for Banco Bilbao Vizcaya Argentaria (the second largest bank in Spain) as head of FX Sales, is launching his own blockchain-based “collaborative bank” and ICO.

Competition from fast and flexible companies

Though many conventional banks and financial institutions are trialing blockchain-based systems, they are restrained by their own size and history and could potentially be outpaced by nimble new fintech firms.

“Banks were doing a lot of things at a single given time and they found themselves competing with small, fast and flexible companies which were optimized in terms of flow, resources, business models and technology and are tailored towards very specific products,“ said Casquero.

Before blockchain and Bitcoin, he notes, banks retained control over money issuance, despite the internet and advances in technology. Now enterprises and individuals can create their own cryptocurrencies.

“This is set to revolutionize the way in which we create contracts, manage our money, and bank,” said Casquero.

Other finance veterans are also moving to blockchain companies

Of course, this is the basis for Casquero’s blockchain startup. However, his opinion is worth noting as it echoes that of other blockchain and cryptocurrency proponents.

Breanne Madigan worked for Goldman Sachs for 13 years before moving to Blockchain Ltd in April 2018 to become head of institutional sales and strategies. Madigan has also spoken recently on the reasons behind her move from institutional finance to the cryptocurrency sector

“I think it’s becoming increasingly clear that blockchains will completely re-engineer the way we operate in the future,” said Madigan.

Madigan found the more she learned about cryptocurrencies and blockchain technology the more it interested her, and she chose to take the opportunity with Blockchain Ltd to be on the “cusp of innovation.”

“It’s becoming increasingly clear by the day that blockchain technology really has the capacity to fundamentally change how the global financial system works,” said Madigan. Blockchain Ltd’s CEO Peter Smith has recently predicted institutional investment is set to flow into cryptocurrencies.

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