JPMorgan is already involved in blockchain-related projects. In 2015, the company began working on Quorum, an open-source, enterprise-grade transaction network focused on data privacy. The platform is built on the network behind the digital currency ethereum.
The bank is also a founding member of the Enterprise Ethereum Alliance and partnered with the developers of privacy-focused digital currency Zcash in May.
Blockchain is "transformational for the financial services industry" and JPMorgan is "working hard [and] investing money" in it, the bank's chief financial officer, Marianne Lake, said during Thursday's third-quarter earnings conference call.
Major Wall Street executives are divided on whether bitcoin is a good investment. But just about all the major banks are researching blockchain, if not developing related projects.
Leaders from banks such as TD Bank, Mizuho Financial Group and National Australia Bank are working with IBM to develop and deploy a system for sending payments across international borders nearly instantaneously using blockchain, the technology company said Monday.
The IBM project uses digital assets issued on a network run by a U.S. nonprofit called Stellar. A New Zealand financial services firm called KlickEx, the initial subscriber to the network, handles the currency conversion.
The entrance of major companies into blockchain only emphasizes the distinction between the technology and high-flying bitcoin prices.
"IBM's long game doesn't hold up cryptocurrencies as the answer," Jesse Lund, head of blockchain and distributed ledger market development at IBM, told CNBC in a phone interview.
Instead, Lund expects financial institutions to back the digital assets of the future. He left his role in blockchain development at Wells Fargo for IBM in January.
JPMorgan's Dimon also supported government-backed digital currencies during his remarks Friday.
"Crypto sterling, euro, yen, they are all fine," he said. But for something like bitcoin, "I don't personally understand the value of something that has no actual value."WATCH: Blockchain has tremendous momentum