JP Morgan CEO: We Will Compete with Bitcoin Startups ‘Partnering Where It Makes Sense’

JP Morgan Chase & Co., the largest bank in America and one of the world's major provider of financial services, recently issued its 2014 annual report, in which the firm's chairman and CEO Jamie Dimon suggests that new competitors are "looking to compete with banks," and that his firm is "keeping an eye on [these emerging players]," most particularly on Silicon Valley's startups.

"Silicon Valley is coming," warns Dimon. "There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking."

What the executive is referring to is nothing else but the financial-technology (fintech) startups that are looking to disrupt an industry that is ripe for innovation.

According to a