Wall Street embraces the latest wave of Silicon Valley financial tech or as JP Morgan explained in simple words, “Silicon Valley is coming”. Over the past months, many fintech enterprises has been embraced by the financial companies of Wall Street.According to Jamie Dimon, chairman and chief executive officer of JP Morgan Chase warned that the Wall Street old guard that traditional banking is facing new and competitive alternatives, and at this moment looks like Wall Street is seriously interested in developing and investing in blockchain technology.
This entire year we have seen that many Wall Street Companies which includes Nasdaq and NYSE has funded the startups that are working with blockchain technology.On May 2015, NYSE has launched its bitcoin index the NYXBT hence officially endorsing the digital currency revolution. The bitcoin index tracks the price of one Bitcoin in US dollars by analyzing the transactions processed by different bitcoin exchanges.Nasdaq along with Visa, Citi and other companies has partnered with Chain Inc., a blockchain developer platform that serves an enterprise market, by investing $30 million in a Series B funding round.The chief executive officer of Chain, Adam Ludwin stated, “All of our investors are either existing partners with commercial engagements, or they are serious prospective commercial partners, where we had already had discussions about engagements.
”Ludwin believes that the distributive ledger technology will not only transform the industry through startup firms but also through the existing firms, partially because of issues of consumer and regulator trust.He further stated, “There will inevitably be a very uncertain and winding path between today’s world and a future world where all assets are digital.And the reason it will be winding is because there will be winding is because there will be legacy systems that will need to be migrated, there will be regulatory questions that need to be dealt with, there will be institutions who will fight against this because it will disrupt them and it will reduce their role in a future system.So we thought, this is not like we are going to build these networks and be done in six months. This is a long- term, uphill, difficult, some would say fairly crazy journey that we think are about to go on.
”Both Nasdaq and Chain Inc. will focus on providing a better way for the companies their shares before going public.
