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GP: JPMorgan office S3studio | Getty Images News | Getty Images SINGAPORE — Banks have to prioritize consumer protection as they embark on digital asset experiments, said Umar Farooq, chief executive officer of JPMorgan's blockchain unit Onyx. Many blockchain projects and other crypto protocols have the potential to make financial services more efficient, accessible and affordable. But without proper precautions, they could also expose customers to cybersecurity risks. In recent months, many crypto investors have been struck by hacks and scams. For example, crypto exchange Binance was hit by a $570 million hack in October and Deribit lost $28 million in a hot wallet hack this month. "What a bank needs to do from a regulatory point of view and customer's point of view is that we need to protect our customers. We cannot lose their money," Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday. "I do think you need some sort of identity sol...

GP: JPMorgan office S3studio | Getty Images News | Getty Images SINGAPORE — Banks have to prioritize consumer protection as they embark on digital asset experiments, said Umar Farooq, chief executive officer of JPMorgan's blockchain unit Onyx. Many blockchain projects and other crypto protocols have the potential to make financial services more efficient, accessible and affordable. But without proper precautions, they could also expose customers to cybersecurity risks. In recent months, many crypto investors have been struck by hacks and scams. For example, crypto exchange Binance was hit by a $570 million hack in October and Deribit lost $28 million in a hot wallet hack this month. "What a bank needs to do from a regulatory point of view and customer's point of view is that we need to protect our customers. We cannot lose their money," Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday. "I do think you need some sort of identity sol...

In this article V Follow your favorite stocks CREATE FREE ACCOUNT Visa payment cards laid out on a computer keyboard. Matt Cardy | Getty Images Visa is betting that crypto investors still want to spend their digital currencies , even as prices plummet this year. The payments giant is teaming up with global exchange FTX to offer debit cards in 40 countries with a focus on Latin America, Asia and Europe. The cards, which are already available in the U.S., will link directly to a user's FTX cryptocurrency investing account. The move allows customers to spend digital currencies without moving those off an exchange, "like you would with any bank account," according to Visa's CFO. "Even though values have come down there's still steady interest in crypto," Visa CFO Vasant Prabhu told CNBC in a phone interview. "We don't have a position as a company on what the value of cryptocurrency should be, or whether it's a good thing in the long run -...